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2019
ANNUAL REPORT
讓
我
們
一
起
用
溫
度
擁
抱
台
北
台北捷運公司年報 TAIPEI RAPID TRANSIT CORPORATION 2019 ANNUAL REPORT

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TAIPEI RAPID TRANSIT CORPORATION ANNUAL REPORT
台北捷運，因你而有溫度
The Taipei Metro feels Heartwarming
because of you
台北捷運，因應人們的生活需求，交織發展而成豐富的都市樣貌。也
因為有人，形成了多元、有序、豐富的捷運文化，建構了一個有溫度
的台北、溫暖有序的城市。
The Taipei Metro, developed in response to people’s daily needs, has

become an integral part of the city’s urban landscape. Likewise, it is also
the people who have shaped Taipei’s rich, orderly, and diverse culture.
Together, let us continue to construct an even more welcoming and
heartwarming Taipei City.
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MES S AGES FROM T OP MANAGEMENT 006

Contents
VIS ION, MIS S ION, AND C ORE VAL UES 016
D AT A AND FIGURES 022
ORGANIZAT ION AND S T RUC T URE 026
4
O P ER AT I O N A L P E RF O RM A N C E 038 EMB RAC E T HE FUT URE 124
P ASSEN G E R E XP E RI E N C E 058 MIL ES T ONES 130
B USI N ES S D I V E RS I F I C A T I O N 068 KEY S T AT IS T IC AL D AT A 134
NEW L I F E I N T A I P E I 098 APPEND IX 142
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Messages from Top Management
Messages
from Top
Management
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Transforming Taipei with the Taipei Metro
The Taipei Metro’s operation strategy for the year 2019 was
to “prioritize passenger needs and maintain the highest level
of quality.” Looking back, we continued to enjoy steady growth
due to the reliability of our metro system and operations,
increased revenue, and remained consistent in terms of
performance and competitiveness.
The Taipei Metro has already become a hallmark of Taipei City.

From our initial efforts to achieve a safe and reliable metro
system to our present-day upgrade to Metro 2.0, we have
always envisioned the Taipei Metro as a quality transportation
service capable of evolving into a provider of diverse services
that fulfills modern needs. The metro’s extensive network
bridges together our lives and interpersonal relations,
boosts social interaction and our sense of community, and
contributes to an enhanced city lifestyle. We have also gained
a deeper understanding of how metro stations are similar to
web portals: they act as gates from which citizens and foreign
visitors enter and exit in their exploration of the city and are
substantial symbols of Taipei as a tourism destination on
the international stage. A city’s metro system is an important
representation of its brand image, and thus, while we are in
the process of promoting ourselves, we feel we also have the
responsibility and obligation to promote the core values of
Taipei City, as well as amplify its culture and features.
Therefore, our mission for the next decade or two will be an

upgrade of our company brand. In addition to improving the
quality of our core and affiliated businesses, I believe there
are three priorities to achieving this goal. First is to extend
our existing positive image into other facets of everyday
life, shifting from being just a means of transportation to
becoming a gateway to a better life. Second is to integrate
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city aesthetics into our metro stations, using art to warm our
cold, concrete facilities so that art and aesthetics become part of
civilian life. By utilizing various colors in metro spaces, we can also
accentuate the identities of both Taipei City and the Taipei Metro.
Last is to utilize emerging technology to establish our own brand,

and enhance our competitiveness through the use of big data
and intelligent analytics. We can then extend our scope beyond
our core, affiliated, and contracted businesses and cross over into
the innovative smart living industry, effectively upgrading our own
business strengths.
The Taipei Metro has long been a leading transportation industry

brand in Taiwan. With such a high level of brand favorability,
we should be more driven to reform ourselves to better meet
citizens’ needs, to innovate, and to stay relevant. We hope that
through various improvements, slowly but surely, we can play a
part in making Taipei an even more beautiful city. Together, let us
transform Taipei with the Taipei Metro and realize the city’s vision
of becoming a livable and sustainable city.
Wen-Chung Lee, Chairman
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Striving to Think Beyond the Box
In just over two decades’ time, the Taipei Metro has not only
become the most important public transportation service
in the Greater Taipei area but has also had a significant
influence on industries, living circles, and urban development
alike. As developments emerged around stations on each
line, this convenient transportation system attracted the flow
of people, goods, and cash. It bolstered regional economic
growth in various industries, including commerce, tourism,
leisure, retail, and real estate.
Over time, the Taipei Metro has become a brand that makes
Taiwan proud. This is not solely attributable to the Taipei Rapid
Transit Corporation’s meticulous operation but also because
of all the compassionate passengers willing to observe riders’
etiquette, both factors amplifying and reinforcing the other. I
have always felt that metro spaces are magical—they urge us
to maintain a sense of mutual responsibility and honor, which
has made me very proud to be a member of the operating
team. Ridership exceeded the 10 billion mark in 2019, and
the achievement of this historical milestone was only possible
with the joint participation of the public. Therefore, “+1” was
a constant marketing concept in 2019: we wished to remind
citizens that Taipei Metro was shining brighter because of
them.
The second highlight of 2019 was the completion of the Linear

Park between Zhongshan and Shuanglian Stations on the
Tamsui-Xinyi line. It is now a favorite gathering place for many
young inhabitants and has become a paradigm of urban space
transformation in Taipei. The retrofitting of "Xinzhongshan"
Linear Park, the renewed version of Zhongshan Linear Park,
turned the park’s original monotonous landscape into a new
leisure venue with a range of functions.
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More importantly, its redesign incorporated the diverse, local

culture to create a living space that is closely interconnected with
local residents. In the past, we worked to constantly improve upon
the passenger transportation experience through all kinds of
value-added services, leading to the Taipei Metro being recognized
as a heart-warming and caring public transport service.
However, we also strived to be more than just a means of

transportation—we wished to reach out, to become part of the
cultural and artistic spheres as well as part of civilian daily life.
"Xinzhongshan" Linear Park is a successful example of such efforts.
The Taipei Metro is now more than just a metro system—it has
become a part of the community and peoples’ daily lives. It is a
source of inspiration that encourages our people to imagine a
better future.
The Taipei Metro team will continue to give our all. In addition to
our core business of transportation, we will also double our efforts
in businesses commissioned by the Taipei City Government (TCG),
including the Maokong Gondola, Taipei Arena, and Taipei Children's
Amusement Park, so that our core, affiliated, and contracted
businesses can all thrive. We will explore new business opportunities
and operate in line with TCG’s vision of transit-oriented development
(TOD) and invest in new areas such as real estate development
and management. We hope that, by going beyond our original
transportation business and reaching into lifestyle-related industries,
we offer the public an even better city life.
Chih-Chang Sheng, President
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Vision, Mission, and Core Values
Vision, Mission,
and
Core Values
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Vision
“A world-class metro, a wonderful Taipei”
With a service philosophy of openness and innovation, the Taipei
Metro supports Taipei City’s all-round development for better
living, working, recreation, and transportation. We integrate the
local spirit to forge a brighter urban culture.
Mission
“Providing safe, reliable, and friendly transportation
services while pursuing sustainable development”
We are diversifying our services and fulfilling our corporate social
responsibilities on the basis of our core transportation services.
We aim to grow and develop in partnership with our customers,
communities, employees, shareholders, and suppliers.
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Core Values
"Integrity, teamwork, innovation, openness, and sharing"
Integrity:
Honoring our commitments, and being fair and just to our
partners and employees, creating a corporate culture of sincerity
and mutual trust.
Teamwork:
Creating synergy and realizing the full potential of each team
member through full participation and involvement, providing
proactive care and assistance for employees for mutual growth
and support.
Innovation:
Being in sync with the latest market developments and social
trends for continuous improvement and excellence by being
pragmatic, progressive, and innovative.
Openness and sharing:

Promoting openness and diversity, implementing the vision of a
sharing culture, and fostering a sense of community for mutual
prosperity between Taipei City and our company.
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Data and Figures
Data
and
Figures
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Data and Figures
2019 131.1
Average Daily Ridership
2018 131.1
131.1 2017 131.1

Unit 10,000 trips Unit 10,000 trips
2019 7.9
Annual Ridership
2018 7.7
7.9 2017 7.5

Unit 100 million visits Unit 100 million visits
2019 216.3
Averae Daily Ridership
2018 209.7
216.3 2017 204.4

Unit 10,000 trips Unit 10,000 trips
Wenhu Line
Tamsui-Xinyi Line,Songshan-Xindian Line,Zhonghe-Xinlu Line,Bannan Line
Minimum Headway
During Peak Hours 120
80
120
2019
120
2018 80
80 120
2017 80
Unit Seconds Unit
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Data and Figures
Wenhu Line
Punctuality Rate
99.52
99.52
2019 99.61
99.59
2018 99.78
99.61 99.69
2017 99.59
Unit Unit
2019 97.6
Passenger Satisfaction
2018 97.9
97.6 2017 96.6

Unit Unit
2019 901.4
2018 901.7
Mean Car-Kilometers between
Service-Day Failure of more 2017 486.3
than 5 minutes (MKBF) Unit
901.4
Unit
2019 210.8
Total Revenue
2018 201.1
210.8 2017 196.5

Unit NT$100 million Unit NT$100 million
2019 10.38
Profit before Tax
2018 7.51
10.38 2017 18.06

Unit NT$100 million Unit NT$100 million
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Organization and Structure
Organization
and
Structure
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Capital and Ownership Structure
Shareholder Total Investment NTD Percentage %
Taipei City Government 7,374,571,430 73.75%
Ministry of Transportation and Communications 1,714,285,710 17.14%
New Taipei City Government 875,000,000 8.75%
Tang Eng Iron Works Co., Ltd. 35,714,280
Mega International Commercial Bank Co., Ltd. 142,860

0.36%
Taiwan Cooperative Bank Co., Ltd.

142,860
Taipei Fubon Commercial Bank Co., Ltd.

142,860
Total 10,000,000,000 100%
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Capital Structure
73.75%
17.14%
8.75%
0.36%
Taipei City Government New Taipei City Government
Ministry of Transportation
Tang Eng Iron Works Co., Ltd.
and Communications
Mega International Commercial Bank Co., Ltd.
Taiwan Cooperative Bank Co., Ltd.
Taipei Fubon Commercial Bank Co., Ltd.
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Planning Division
Supervisors Station Operations Division
Train Operations Division
Rolling Stock Division
System Engineering Division
Station Engineering Division
Infrastructure Division
Finance Division
Business Division
Information Technology Division

Board of Directors President Vice Presidents
Human Resources Division
Chairman Chief Secretary Purchasing and Warehousing Division
Industrial Safety Division
Contracted Business Division
Administration Division
Accounting Division
Legal Affairs and Government Ethics Division
Circular Line Operations Division
Audit Office
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Board of Directors
Chairman Wen-Chung Lee Chairman, Taipei Rapid Transit Corporation
Chih-Chang Sheng President, Taipei Rapid Transit Corporation
Tom Tai-Chu Chou Deputy Chairperson, Taipei City Government International Affairs Advisory Council,
and Commissioner of Mayor's Office for External Affairs
Wen-Yen Chiu Deputy Minister, Ministry of Transportation and Communications
Wen-Yan Chiou Union Committee Member, Taipei Rapid Transit Corporation
Cheng-Yuan Chang Director General, Taiwan Railways Administration, MOTC
Sheng-Hsiung Chang Professor, Department of Transportation Management, Tamkang University
Tzer-Hsiung Chang Commissioner, Department of Rapid Transit Systems, Taipei City Government
Directors
Chih-Ming Chen Secretary-General, Taipei City Government
Hui-Ju Huang Senior Specialist, Department of Transportation, Taipei City Government
Feng-Ming Yang Union Committee Member, Taipei Rapid Transit Corporation
Ming-Chu Hsieh Director, Mayor Office, Taipei City Government
Hui-Chuan Hsieh Technical Superintendent, Taipei City Government
Min-Shi Chung Director, Transportation Department, New Taipei City Government
Mu-Heng Wang Counselor, Ministry of Transportation and Communication
Cheng-An Lee Head, Department of Rapid Transit Systems, New Taipei City Government
Cheng-Yi Lu Managing Attorney, CHU YAO Law Firm

Supervisors
Hui-Yu Chung Vice Director, Innovation Center for Intelligent Transportation & Logistics, Feng Chia University
Kuo-Lung Yen Accountant, Answer CPAs Firm
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Based on the list of Board Members as of August 31, 2020, and arranged in order of number of strokes in the Chinese surnames.
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Business Team
President Chih-Chang Sheng
Ying-Chen Chuang
Ching-Hsin Huang
Vice President
De-Fa Cheng
Wen-Hsiang Kao (also as Chief Secretary)
Director o Audit Office Kun-Shu Chu
Director of Planning Division Chun-Yu Wu
Director of Station Operations Division Jin-He Lin
Director of Train Operations Division Min-Hsiung Fu
Director of Rolling Stock Division Chien-Tsai Chen
Director of System Engineering Division Yu-Ming Hung
Director of Station Engineering Division Shih-Chien Yu
Director of Infrastructure Division Ching-Nan Huang
Director of Finance Division I-Mei Hsu
Director of Business Division Wen-Tau Jan
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Meng-Cheng Chao
Ya-Fen Huang
Ta-Yu Lee
Tai-Liang Yang
Chin-Heng Yang
Sheng-Tai Cheng
Hui-Fang Yao
Tung-Ming Tu
Based on the list of active employees as of August 31, 2020
Workforce Statistics
Current number of employees: 6,395 persons
Gender Number of Employees Percentage
Male 5,086 79.53%
Female 1,309 20.47%
Based on the list of active employees as of December 31, 2019
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Financial Status
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Revenues
Total revenue was approximately NT$21.08 billion. Pre-tax net

profit was roughly NT$1.38 billion, and after-tax net profit was
around NT$840 million.
Leasing Expenditures
In 2019, the total leasing expenditures paid to the Taipei City

Government was NT$5.842 billion, amounting to a cumulative
leasing expenditure of NT$65.08 billion.
Transfer Discounts
In support of the Taipei City Government's policy to encourage the
use of public transport, the TRTC continued to provide discounts
for transfers between the Taipei Metro and city buses. The number
of trips that benefited from this discount grew from an initial 146
thousand single-direction transfers per day to 538 thousand bi-
directional transfers daily in 2019. Beginning in 2018, the TRTC has
borne all discount expenses for transfers from city buses to the
Taipei Metro, and the Taipei City and New Taipei City Governments
have borne the expenses for transfers from the Taipei Metro to city
buses. The TRTC paid NT$689 million in 2019, and the cumulative
payment is now NT$17.8 billion.
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Total Revenue Per Annum Fare Revenue Other Operating Revenue Non-Operating Revenue
250
7.4
7.8 7.4 35.6
7.2 28.8 167.8
5.8 27
25.1 164.9
6.5 24 161.7
200 160.9
20.8 156.5
4
3.6 147.6
19.5
3.1 17.7 138.5
18.2 131.7
2.7 121.5
150 3.9 16
3.2
2.8 13 107.1
2.3 12
2.2 12.7 98.9
2.4 14.9 97.1
4 5 14.2 91.2
6.2 12.8 83.7
7.3 9.4 8.5 76.2 77.9
100 4.6
65.2 72 69.8
7.1
52.6
4
3.5 3.6
50 2.5
1.7 0.9 22.2
0.6
0.9 14.6
5.2
1.1
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unit NT$100 million
Net Profit After Tax
25 21.9
20
14.5
15
8.6 12.6 8.4

10
8.5 7.9 7.9 7.2 7.9

7.2 6.7 7.2 7.1 6.5
5 6.1
3.8 4.5
3.7 3.7
2.9
0 2.1
-3.9
-5
-5.5
-10
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unit NT$100 million
The TRTC has paid rental fees to the Taipei City Government annually since 2001 (a nominal rental fee of NT$1 per line was paid
every year for the first 5 years of operation).
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Operational Performance
Operational
Performance
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Operational Network
There are 5 lines in operation: Wenhu Line, Tamsui-Xinyi Line, Songshan-Xindian Line, Zhonghe-Xinlu Line, and Bannan Line.
The total operational length is 131.1 km, with 117 operational stations.
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System Operation Stability
In 2019, the total ridership of the Taipei Metro system was 790
million trips, meaning that the system served an average of
2.163 million trips per day, which was up 66 thousand trips in
comparison with statistics from 2018. To citizens, the Taipei Metro
has already become a part of their everyday life. However, although
providing outstanding service is a crucial task, it is even more
important to maintain a safe and stable transportation system.
In 2019, the system-wide operational reliability indicator of MKBF
(Mean Car-Kilometers between service-delay failures lasting more
than 5 minutes) reached 9.014 million car-kilometers, indicating
99.99% reliability. It was a historical record for the Taipei Metro for
the 2nd consecutive year in a row and in line with top international
standards.
Mean Car-Kilometers between Service-Day Failure lasting more than 5 minutes (MKBF)
1000
901.7 901.4
800
600
471.8 488.4
416.4
486.3
400 308.4 269.3
248.6
180.9 185.1 200.5
175.2 166.5
150.8
200 104.5
48.9 52.8 61.5
9.7 13.3 18.8 19.5 29.2
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unit 10,000 Car-Km
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Headways and Ridership
Annual Ridership Total Wenhu Line

789.6
765.5
800 740.0 746.1
717.5
679.5
700 635.0 713.6
602.2 670.7 688.3
664.4
566.4 642.9
600
604.7
505.5
563.6
462.5 532.3
500 450.0
416.2 498.4
383.9 446.3
350.1 360.7
400 414.7 419.7
324.4 316.2 382.4
289.6 352.4
268.7 329.3
300 318.4
291.8 286.0
127.0 257.6
105.6 238.2
200
60.7
31.1 42.6
69.9 71.4 74.8 74.6 75.6 75.4 77.2 76.0
15.5 18.1 59.2 68.0
100 11.2 15.5 35.4 42.7
11.2 21.4 30.5 32.1 32.6 30.2 31.7 31.5 31.6 33.8
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unit Million Trips
Average Daily Ridership Total Wenhu Line

250
216.3
209.7
202.2 204.4
196.6
186.2
200 174.0
195.5
164.5 188.6
183.7
155.2 176.1 181.5
138.5 165.7
150 126.7 154.4
123.0 145.4
114.0
136.5
105.2
95.7 98.8 122.3
88.9 86.6 113.3 115.0
100 79.6 104.8
73.4 96.5
90.2
78.3 87.0
79.9
34.8 70.8
65.1
16.6 28.9
50 10.1 11.7
4.3 16.2 18.6 19.1 19.6 20.5 20.4 20.7 20.7 21.1 20.8
5.0 9.7 11.7
4.0 4.3 8.3 8.8 8.9 8.3 8.7 8.6 8.6 9.3
4.0 5.9
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unit 1,000 trips
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Average Headway During Peak Hours Wenhu Line

10:30
09:00
07:24
07:30
06:24
05:52 06:06
05:44 05:41
06:00 05:26 05:19 05:18
04:44 04:56 04:45
04:15 04:36 04:35 04:35 04:40 04:36 04:26 04:35
04:06
04:30 04:01 04:02 04:01 04:02
03:26
03:00 03:03 02:58 02:56 02:56 02:52 02:51 02:50 02:50 02:50 02:50 02:55 02:54
02:24 02:21 02:18 02:15 02:16 02:10 02:09 02:09 02:09
01:30
00:00
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unit Minutes: Seconds
Average Headway During Off-Peak Hours Wenhu Line

10:30
09:01
08:33
09:00
07:30 07:11
06:19 06:37 06:16 06:10 06:11 06:12
06:00 05:51 05:46 05:46 05:39 05:46 05:41
05:34 05:37 05:34 05:35 05:30 05:40 05:26 05:28 05:27 05:28 05:31
04:30 05:36 05:33

05:11 05:06 05:04 05:01 04:58
04:57 04:57 04:51
03:00 04:33 04:18
03:58 04:03 04:03 04:13 04:16 04:13
03:53 04:10 04:10
01:30
00:00
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unit Minutes: Seconds
Average Punctuality Rate Wenhu Line

99.77 99.84 99.88 99.91 99.77 99.74 99.84 99.88 99.84 99.83 99.86 99.89 99.69 99.78 99.61
100 99.53 99.51 99.51 99.48 99.64 99.56
99.32
98.94 99.78 99.81 99.88 99.73
99.75 99.60 99.55 99.61 99.59 99.59
99.40 99.52
99 99.17 99.29 99.15 98.44 99.28
98.78 98.96
98 98.18
97 96.56
96 96.38
95.73
95
94
93.36
93
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unit % 45
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Upgraded Transportation Capacity
Building a Safe and Reliable

Transportation System
Inspecting and repairing train equipment, upgrading
cars to ensure smooth operation
In order to ensure safe operation and improve equipment
availability, major repairs were carried out on 2 model 301 trains,
2 model 321 trains, 19.5 model 371 trains, 10 model 381 trains,
and 38 pairs of model 256 and model 370 trains on top of regular
maintenance in 2019. In addition, important relays on model
321/341 trains were replaced, and vehicle traffic signals systems
on 10 high-capacity model 301 trains were reinstalled. The Train
Supervision Information System (TSIS) continued to be enhanced
to elevate system availability and real-time monitoring capacity.
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Improving track facilities to dampen noises and smoothen

tracks
To improve safety and comfort, the TRTC has continued to replace
high capacity tracks and junctions. In 2019, a total of 30 junctions
and 11,610 meters of tracks were replaced, and a total of 257
grinding sessions were carried out, covering a total of 197,521
meters of tracks. These efforts significantly mitigated noises and
vibrations. In addition, the Wenhu Line generated peculiar noises
after adopting steel tracks. Beginning in 2017, fish-tail sheet
gaskets were added to sections with more obvious noises. As of
2019, 3,173 re-installation and improvement sessions had been
conducted. In addition, improvements were made on deteriorating
track supports on the Tamsui-Xinyi and Bannan Lines. In 2019, 456
sleeper screws were replaced, whereas 94.3 meters of road bed
and 78.36 meters of epoxy resin mortar coating were repaired.
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Replacing major E&M facilities to improve quality

and maintain stability
Major repair projects were carried out in order to maintain
the quality and safety of operation track networks, which
included replacing the optical fiber modules on the Wenhu
Line; reinstalling the fire alarm receiving switchboard operator
at Muzha Depot; reinstalling the transformers at Jingan Station
on the Zhonghe-Xinlu Line; improving and upgrading the high-
capacity backup data hotline; enhancing drive spindles of 99
YM2000 railroad switches weld bead; replacing accumulator
battery sets on the Banqiao, Nangang, and Xiaonanmen Lines;
and reinstalling lightning arresters on the Muzha section of the
Wenhu Line.
Integrating and optimizing control systems to

undertake real-time monitoring and prevent
abnormalities
The Intelligent Control and Monitoring Integration System
(ICMIS) was installed, which allowed for the reception of alarms
and operation data from eight systems: "high-capacity control
computer," "Wenhu Line control computer," "EMDS," "earthquake
computer," "administration computing system," "administration
computing server room environment monitor," "real-time alarm
of high-capacity trains," and "temperature monitor of outdoor
sections." In addition, the TRTC developed an alternative for the
Remote I/O on the Wenhu Line, resolving the issue of the original
vendor discontinuing production of parts. More seismometers
were added so that they are now evenly distributed around
the Taipei Metro network (including the Circular Line). Voltage
sensors were installed on the UPS communication system in all
37 stations on the Zhonghe-Xinlu Line and Songshan Xindian
Line, so as to enable remote monitoring and receive information
about abnormalities earlier to ensure the safety of passengers.
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Enhancing Emergency Response

Capability of the Operation Team
Regular multi-hazard disaster drills
In 2019, a total of 29 multi-hazard disaster drills were conducted at
the Taipei Metro, the Maokong Gondola, Taipei Arena, and Taipei
Children’s Amusement Park. Joint disaster drills were carried out
across multiple internal departments, together with external fire
brigades and disaster rescue agencies, to foster disaster response
capabilities and coordination.
Integrated tabletop exercises

In order to improve efficiency in responding to abnormalities,
a total of 7 tabletop exercises were conducted to reinforce the
proficiency and efficiency of the Operations Control Center and
various online units in the event of a contingency, and improve
familiarity for emergency response procedure of each unit in 2019.
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Technology Exchange and Knowledge Export
Exchange and Mutual Visits with

Other Rail Transit Operators
International exchanges
The TRTC attended three meetings organized by the International
Association of Public Transport (UITP) and two meetings organized
by the Community of Metros International Railway Benchmarking
Group (CoMET) in 2019, where staff delivered speeches related
to property maintenance and predictive maintenance, as well as
exchanged experiences with rail transit operators from around the
world. In addition, the TRTC was present at Asia Pacific Rail in Hong
Kong in March; Rail Live in Bilbao, Spain in April; the American
Public Transportation Association (APTA) Rail Conference in
Toronto, Canada, in June; MetroTrans in Beijing in July; and formed
a delegation with the Chinese Institute of Engineers (CIE) to visit
the Asian Development Bank (ADB) in the Philippines to deliver a
keynote speech in October.
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Domestic exchanges
As a customary practice, the TRTC actively sends representatives
to attend annual conferences, seminars, and lectures organized
by academic or industrial associations. In October 2019, by
invitation of the CIE, the TRTC and CIE jointly formed a delegation
and attended the ADB Knowledge Events organized by the Asian
Development Bank as a speaker to promote the TRTC’s operation
achievements.
Overseas guests visits

of Nauru and arranged them to take rides on Maokong Gondola.
In 2019, the TRTC received a total of 1,590 guests from 78
delegations, including parliamentarians and government officials
from Canada, the US, Belgium, Korea, Slovakia, Germany, Peru,
Chile, United Arab Emirates (UAE), Honduras, and Ecuador;
and rail transit operators from the Seoul Metropolitan Subway,
Busan Metro, Paris Métro, and Taiwan Railways Administration.
In addition, the TRTC received Prime Minister Ambrose Mandvulo
Dlamini and Madame Dlamini of the Kingdom of Eswatini and
President of the Republic of Nauru and arranged for them to ride
on the Maokong Gondola.
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Outsourced Training and Consulting

Services
In order to build a comprehensive and systematic technical

consultation training course, the TRTC has continued to glean the
essentials from our experiences in rail operation, management,
and maintenance and compile them into 79 documents
covering 4 major areas: Integrated Planning for Rail Operation,
Professional Training, Preparation and Planning before the Start
of Transportation Services, and System Diagnostics and Operation
Improvement. With the completion of these documents, the
TRTC has actively engaged in cultivating mass transit technical
consultation experts and promoting the export of these skills.
In 2019, the TRTC offered two courses at Feng Chia University:
Intelligent Rail Program—Rail Operation and Management,
and Project of Basic Design and 1st Stage Project Management
Consultation and Outsourced Technical Services of the Danhai
Light Rail Transportation System Plan. We also organized training
programs for the Kaohsiung Rapid Transit Corporation and
Xiamen Metro. Through the Metro Consulting Service Corp.
(MCS), a reinvested company, the TRTC cooperated with Sinotech
Engineering Consultants, INC. to undertake the outsourced
technical project concerning the management, consultation, and
monitoring of construction and engineering of Taoyuan Mass
Rapid Transit System Green Line Construction and Planning.
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Empowering Talent
The TRTC is keenly aware that talent development is the foundation for sustainable business operation. We not only take the initiative
to recruit outstanding talent but also invest sizable resources and funding to create a friendly working environment and comprehensive
education, training, and career development opportunities. By doing so, we hope to build a most ideal workplace for our staff and enhance
our company's competitiveness.
Organization Consolidation and

Recruiting Talent
To improve efficiency, the TRTC completed the consolidation of

the Business and Administration Divisions, made organizational
adjustments, and redistributed its workforce in 2019. Additionally,
to recruit staff for the Circular Line and compensate for retired or
resigned personnel, the TRTC recruited a total of 682 personnel,
including maintenance, transportation, general affairs staff, and
persons with disabilities, and 52 Deputy Station Chief assessed
from projects.
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Improving Employee Knowledge and

Managers’ Competency
As the TRTC seeks business performance, it is also dedicated to the

growth of employees by providing systematic and comprehensive
training to improve employees' professional knowledge so as to
remain competitive. For 2019, a total of 1,250 training sessions
were organized, providing a total of 374,323 training hours to
32,528 trainees, thus improving and optimizing our human capital.
In addition, to meet practical needs, training sessions for mid-level
managers were introduced, covering management competency,
cross-field competency, and professional competency. The TRTC
also sent 14 seed lecturers to complete external training programs
so as to provide internal management competency education.
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Promoting Knowledge Management

Plans
In order to integrate operation expertise and the transfer of this
knowledge and experience as well as promote technical services of rail
transport, the TRTC has been taking inventory of important documents.
As of 2019, the TRTC owns 3,729 important documents related to key
businesses and projects, and has created 45 knowledge document
templates, which are shared through a knowledge management (KM)
system. In addition, through incentives and competitions, the TRTC has
encouraged staff to express their tacit knowledge in written words as
an effective way to preserve such priceless intellectual property of the
company and ensure that these skills could be passed on seamlessly.
Proposal System and Quality Circuit

Activities
Through the proposal mechanism and quality circuit activities, the
TRTC continues to improve on and reform ways to do daily work,
encouraging staff to be team players and take the initiative to improve
their performance, so as to build team spirit and foster a corporate
culture that encourages continuous learning. In 2019, the proposal
mechanism awarded 42 proposals and 28 quality circuit projects
with excellent awards or higher prizes. Among them, the quality
improvement project to "shorten the time needed to dismantle the
side cable wheels of Maokong Gondola Stations" won the Zhishan
Group Bronze Award of Taiwan Continuous Improvement Award.
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Passenger Experience
Passenger
Experience
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Friendly and Convenient Environment
As an incentive for citizens to take the metro rather than relying on private vehicles, the TRTC introduced various ticket types to alleviate
transportation costs. The TRTC has also continued to provide convenient services that meet the needs of every Taipei Metro passenger,
as well as maintained a clean environment and friendly and thoughtful services. We also hope to further spur the growth of green
transportation.
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Promoting Metro Etiquette

The TRTC has been promoting metro etiquette through such
slogans as “Carry your backpack by hand” or “Don’t use your phone
while getting on and off the train” since September 2019. This
reinforcement of metro etiquette is being promoted to increase
the comfortableness of the environment and lower the number
of accidents that occur when getting on or off trains or when
using cell phones while walking. Promotional practices include
adding slogans onto on-duty Station Chief vests at the 20 highest-
traffic stations and announcing these sayings through small
loudspeakers. Security and cleaning personnel wear specially
designed vests during rush hours on Monday to Friday which
showcased these mottos, which are also broadcasted on platforms
and in trains. In addition, a variety of promotional methods were
employed, including the broadcasting of messages by celebrities
such as Yoga Lin and Evan Yo, colorful paintings on train doors,
and illustrated “Shiba Says” posters. Passengers could thus see
and hear these messages throughout stations, shaping a quality
metro culture.
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Family-Friendly Riding Services
The TRTC cares about the needs of families, pregnant women, and
passengers with baby strollers. As an extension of the “Caring and
Courtesy” theme, which previously resulted in priority seats and
elevators, “Family-Friendly Areas” were defined within the trains of
the Songshan-Xindian, Tamsui-Xinyi, and sections of the Bannan
Lines. Platform gates and floors were labelled “Priority Queueing
Areas for Expectant Mothers and Families” in correspondence to
the "Family-Friendly Areas" on trains on the Tamsui-Xinyi Line to
make them more prominent to the public.
The Trial Project to Improve Space

within Model 370 Trains
The Model 370 trains on the Wenhu Line are smaller than the Model
256, and the original seat designed by the vendor was difficult for
passengers to lean back on and were not comfortable to sit in.
Therefore, we altered the curvature of the seat and removed some
luggage shelves and pillars to make more room for baby strollers,
wheelchairs, and standing passengers. In December 2019, a trial run
for one train was initiated; improvements allowed for an additional
12 standing passengers and 8 extra seats, effectively enhancing
passengers' comfort and operation service quality. The TRTC will
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E-information Display Systems at

Station Gates
As a way to keep passengers up to date on the latest announcements, 255

55-inch displays were installed next to the station gates at all 131 stations
on all lines (including the Circular Line) in 2019. These displays are used to
provide notices related to safety and metro etiquette, as well as broadcast
various passenger information. Operational announcements may be
broadcast instantly, such as during large-scale events, typhoons, or special
occasions, when passengers may need to be diverted or switch lines. In
addition, 5 sets of 75-inch touch screen displays were installed at stations
located near commercial districts (including Xinbeitou, Zhongshan, Taipei
Main Station, Dongmen, and Ximen Stations) as an interactive means to
view information on shops and attractions in these neighborhoods.
Optimizing Platform TV Displays
Spread throughout the entire metro network, the 534 TVs located on
station platforms are the medium through which passengers receive
the newest information about train statuses and daily life. In 2019, we
optimized the way information was displayed on these platform TVs.
Information related to train arrivals was increased in size and interspersed
between commercials, accompanied by sound effects and dynamic
captions when the train approached. Layouts were also altered in
accordance with different holidays (e.g. Christmas, New Year’s, and Chinese
New Year). The application of these rich and lively visual effects are meant
to provide train arrival information in a clearer and easier to read fashion.
Extending Functions of the “Go! Taipei

Metro” App to Better Meet Citizens’
Needs
Considering the popularity of mobile phones and devices, the TRTC has
continued to develop its metro app and its integration with Beacons (mini
positioning signal emitters) located in stations. A new function added to the
“Go! Taipei Metro” app in 2019 was a reminder to alight the train. Passengers
could set their destination station and be reminded by the app before
arriving at their destination. Other passenger-friendly functions include online
applications for Delay Certificates and Baby on Board pregnancy badges, or
the ability to look up information about lockers or shops.
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Alleviating New Years’ Crowds
As a customary practice, the Taipei Metro oversees the alleviation and

transportation of crowds dispersing after the Taipei City Government New
Year’s celebration event. The metro system remained in operation for 42
consecutive hours. The Bannan, Tamsui-Xinyi, and Songshan-Xindian Lines
jointly shared this responsibility. Extra trains were added and headways
were adjusted in accordance with the size of crowds at each station, and
additional personnel were stationed at key stations to aid in the diversion and
management of crowds. A total of 2,700 staff were on duty during the
2019 New Year’s period. Also, signs written in four Southeast Asian
languages were placed and 21 volunteers from Indonesia, Vietnam,
and the Philippines were invited to join the service team with the
purpose of enhancing services for Southeast Asian passengers. Our
New Year’s mission was completed successfully. System-wide ridership
amounted to 3.206 million between 06:00 December 31, 2019 and
06:00 January 1, 2020.
Vending Machines that Accept Multiple

Payment Methods
October 2019 marked the launch of the Taipei Metro Card e-Shop.
One machine was installed at Taipei Main Station and two were
installed at Ximen Station. The automatic vending machines are part
of a trial project that automates manual labor, selling the 13 most
commonly sold types of cards or tickets. The machines support
multiple payment methods and languages, making them convenient
for foreign tourists to use.
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Metro e-Touch: Touch Screen

Information Kiosk
To extend the coverage of metro services to daily life, information

kiosks equipped with touch screens were installed at Taipei Main
Station, Zhongshan, Ximen, Dongmen, and Xinbeitou Stations. The
kiosks provide information on metro service routes, stations, transfers,
and nearby stores or attractions. Passengers are able to acquire
information digitally in a convenient fashion.
Music X Taipei Metro
The TRTC launched the “Music X Taipei Metro” project in 2019 with
the aspiration to combine art with the Metro, as well as promote
Taipei tourism, urban design, and musical performances. Starting
from September, a solicitation for musical troupes to perform at
Eastern District Metro Mall, Daan, and Daan Park Stations was
publicized, so that passengers could enjoy a musical feast while
travelling. As of December 2019, a total of 18 musical troupes have
performed as a part of this project.
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Diverse Ticketing Services
Group IC Cards
For the convenience of group travelers and to conserve time,

Group IC Cards were introduced in January 2019. A group of no
more than 20 people can enter and exit stations by swiping a
single card multiple times so as to reduce the time and effort
required for entering and exiting stations, enabling groups to
better stick to their itineraries and ensure more convenient metro
rides.
Buying Tickets is More Fun with

Themed Tokens
In 2019, the TRTC debuted its “Buy a Token, Get a Fortune” series
of marketing events that linked Taoist religion together with Metro
tokens. Existing automatic ticketing machines were enhanced with
the interactive function to conduct a draw. In January 2019, the
Taipei Metro cooperated with Lungshan Temple to sell 5,000 Lucky
Trip tokens at Longshan Temple Station. The cards were well-
received by the public, selling out in less than 2 days. In September
2019, the Taipei Metro cooperated with Taipei Xia-Hai City God
Temple to sell Matchmaker tokens exclusively at Shuanglian Station
on a long-term basis. Facebook check-in standing displays were
placed next to the ticketing machines and on the Starlight Bridge
in Xinzhongshan Linear Park. Neighboring shops were also invited
to give discount offers on the fortune paper buyers received
alongside their token, in the effort to attract more people to travel
around Taipei on metro and promote excursions into the city.
The Unlimited and Exploration Versions

of the Taipei Fun Pass
In an attempt to provide better service for foreign tourists, the

Taipei Metro began selling Taipei Fun Passes at stations with heavy
tourist traffic, including Taipei Main Station, Ximen Station, and
Songshan Airport Station. The pass comes in two versions: the
Unlimited Version includes tickets to 16 tourist attractions and
unlimited rides on the Taipei Metro and buses within the validity
period of the pass, whereas the Exploration Version includes
tickets to 20 tourist attractions so that tourists can travel around
Taipei with little difficulty.
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The Taipei Metro-Kuo-Kuang Motor

Transportation Ticket
The Taipei Metro worked with Kuo-Kuang Motor Transportation
beginning from June 2019 to jointly launch the Taipei Metro-Kuo-Kuang
Motor Transportation ticket. These tickets are sold at Kuo-Kuang
Motor Transportation's service desks at the 1st and 2nd terminals of
Taoyuan International Airport. With this ticket, travelers could freely
commute between the city and Taoyuan International Airport without
time restrictions, and take the Taipei Metro around the Greater Taipei
area. The ticket includes return tickets for a Kuo-Kuang airport shuttle
bus as well as a 48-hour or 72-hour pass for the Taipei Metro, with
discounts as high as 12% off.
The Taipei Fun Pass-THSR Holiday
Starting from August 28, 2019, the Taipei Metro worked with THSR
and Fontrip Technology to jointly launch the Taipei Fun Pass-THSR
ticket, which could be ordered through the THSR Holiday website.
The package includes return tickets for a standard THSR seat, a
Taipei Metro plus tourist attraction ticket package (including a 2-day
metro pass and tickets to 4 out of 8 tourist attractions in Taipei), and
commercial district gift bag.
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Business Diversification
Business
Diversification
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Affiliated Businesses
The Taipei Metro not only provides high-quality transportation

services but also actively applies digital technology and new
business models to advertising, parking lots, retail shops,
underground shopping malls, and metro merchandise. These new
business models combine culture, entertainment, tourism, and
daily needs so that passengers can enjoy diverse, convenient, and
innovative smart services on every ride.
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Commercial Areas in Metro Stations
Shops
There are 198 shops in the metro system, providing a variety of
services including recreation, leisure, daily necessities, and food
and beverage. These various types of stores, which offer culture
and education, entertainment, boutique goods, and specialty
cuisine, meet the diverse needs of passengers. Starting from 2016,
the TRTC has been reviewing the spatial designs of stations with
higher commercial value, such as transit stations or interchange
stations, and converting available spaces into commercial spaces in
compliance with the TCG's policy to maximize commercial activities
at stations. In 2019, the outdoor space behind Tamsui Station
was rearranged into 4 extra shops, and commercial space was
increased by a total of 440 square meters at Taipei Main Station,
Songjiang Nanjing, Chiang Kai-shek Memorial Hall, and Beitou
Stations. These new commercial spaces are expected to generate
NT$27million in income every year.
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Underground malls
In addition to shops at stations, there are an additional
192 shops located within the Zhongshan Metro Mall and
Eastern District Metro Mall, providing a more fashionable
and convenient shopping/recreational space.
Zhongshan Metro Mall
The Zhongshan Metro Mall is divided into two parts. The
space between Taipei Main Station and Zhongshan Station
houses boutiques, fashion retailers, convenience stores,
and shops for leisure and recreation. The space between
Zhongshan Station and Shuanglian Station, in response to
the city government’s strategy to promote the cultural and
creative industry, features bookstores and shops selling
cultural and creative products, as well as shops selling
coffee, beverages, and light food.
Eastern District Metro Mall
The Eastern District Metro Mall is composed of a variety
of shops, which sell boutique goods, fashion, 3C products,
leisure, entertainment, food and beverage, pharmaceutical
goods, and cosmetics, forming a more comprehensive
commercial district at Zhongxiao East Road. An additional
unmanned library was installed to add a touch of culture
and humanity.
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Parking lots
In total, the TRTC has 29 park-and-ride parking lots, which can
hold 4,216 cars and 7,617 scooters. The Taipei Metro outsourced
the management of 27 of 29 parking lots, with the exception
of retaining in-house management of the lots at Tamsui and
Jiantan Stations. Professional management firms operate based
on the economies of scale and have utilized the newest parking
management equipment to make parking easier for the public.
The B1 floor of the Tamsui parking lot was re-floored in 2019 to
improve the parking environment. In December, two pilot projects
regarding the online procurement of monthly tickets and e-lot-
drawings were begun at the in-house managed Tamsui and Jiantan
parking lots.
Commodity areas
A Metro Souvenir Shop was established at Taipei Main Station to
offer a variety of cultural and creative products with the purpose
of providing quality souvenirs and services. In addition, souvenir
stands were set up at major transit stations or stations with
heavier tourist traffic, including Ximen, Zhongxiao-Fuxin, City Hall,
Zhongshan, Taipei 101 World Trade Center, and Tamsui Stations,
for the shopping convenience of passengers.
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"iBox" smart logistics

In cooperation with Chunghwa Post Co., the Taipei Metro gradually
implemented the iBox smart logistic system at metro stations. The
logistics system combines the flow of goods, cash and information,
and sending and receiving of posted mail or parcels. Users can
send and receive mail or packages by visiting a nearby iBox at a
metro station rather than heading to a post office, providing a
more flexible experience that transcends the boundaries of time
or geography. In 2018, 10 iBoxes were installed at Minquan West
Road Station. The next year, we expanded the coverage of the iBox
system to all 117 stations on the metro network.
*In 2019, the TRTC entered into the UITP Awards with the project
"Business Implementations of Smart Kiosks and Digital Mobile
Advertising in a Metro System." The project was selected from
more than 400 proposals around the world to win the Asia-Pacific
Special Excellence Award.
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Multimedia Advertising
The passenger footfall and vibrant commercial activities around

stations make metro stations and trains ideal spaces for
advertisements. There are a wide variety of advertising spaces
within stations, including 2D, 3D, digital projection, and dynamic
lightboxes. Creative advertisements could be developed by making
use of the unique space inside the metro trains; by transforming
the environment for passengers and attracting their attention, it
would also be possible to explore and expand upon the effects of
such advertisements.
Significant advances in digital advertisements and

multimedia shopping experiences
In 2019, the 9 best advertisement locations had digital TV displays
installed to further expand the application of digital and creative
advertisements. Areas dedicated to audio-visual advertisements
were built to introduce internationally renowned brands to
effectively attract passengers' attention and improve advertising
efficacy. In addition, a total of 57 multimedia shopping devices
were installed across 44 stations, applying technologies such as
somatosensory systems and real-time interaction to generate an
interactive experience, making passenger rides a bit more fun.
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Furthermore, advertisements broadcasted at stations featured

travel, cuisine, and films as themed marketing campaigns, and
advertising effects were enhanced by combining the ads with other
digital platforms, such as the Go! Taipei Metro app and Facebook.
A new form of O2O integration advertisement

To leverage the advantages of the metro stations and O2O
applications, advertisements shown on print media and digital
displays within the Taipei Metro were combined with mobile
technology and shared through social networks to make more
lasting impressions. Digital displays were installed and O2O
applications were introduced in November, including streaming
media, online games, and shopping. shopping were introduced.
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Beitou Resort
Beitou Resort's core business is venue leasing. In 2019, the resort

began to organize its own sports and recreation courses, including
yoga, aerobics, dancing, and Taichi. As of December, a total of 351
courses had been organized, attracting 4,331 attendees, vitalizing
the operation of the venue. In addition, to serve a clientele of
a wider age range, the resort invited camp organizers to host
specialized basketball or badminton sessions or to plan fun
activities targeting students of different grades and age groups
during the winter and summer vacations, ranging from elementary
3rd graders to 2nd-year junior high school students. 181 students
enrolled for these camps. Beitou Resort expects to raise its
reputation through the organization of these different courses and
activities.
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Commissioned Businesses
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Maokong Gondola
Major tasks
(1) Annual inspections and repairs
As specified by the original vendor POMA’s technical manual, the
gondola system was shut down from May 20 to June 4, 2019 to
undergo equipment inspection and repair on the roundabout
wheel bearing, tension hydraulic cylinder, main motor, crown gear
motor, cable pulley set, and guide apparatus at station entry/exits,
in order to ensure the system runs well and stably.
(2) Co-marketing with other industries

he Taipei Metro cooperated with Maokong Commercial District
and Kuai Kuai Co., Ltd to launch the “Kuai Kuai X Maokong Gondola
Snack Package,” incorporating Tieguanyin tea powder into the Kuai
Kuai's snack. The package, available at 7-11 convenience stores
from April 10 to May 7, was the fruit of joint marketing efforts to
promote the Maokong Gondola and its local attractions.
The Taipei Metro cooperated with myVideo, the video platform

of Taiwan Mobile, to launch “Theater in the Sky” from October 1
to November 10. The QR code for 10 award-winning films would
appear randomly in Maokong Gondola cars, and passengers could
enjoy these popular films on their mobile phone by scanning these
codes in the cars for a novel film-watching experience.
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Marketing campaigns
(1) “Ride the Maokong Gondola and Receive Extra Luck for the New
Year”
The Taipei Metro cooperated with Zhinan Temple to unveil a special
holiday event that took place during the 1st to 3rd days of the Chinese
New Year. The God of Wealth visited stations along the Maokong
Gondola and distributed a limited amount of gifts that bring wealth,
such as "lucky money" and spring festival couplets of the Year of
the Pig, invoking a unique Chinese New Year festive atmosphere for
passengers.
(2) Annual promotional event “Ride the Maokong Gondola for a Coin”
From March 3 to May 5 (excluding promotional offerings during
Children's Month from April 1 to 7), a 8-week promotional event
was run that offered residents from different cities and counties
throughout Taiwan to ride on the Maokong Gondola. During their
select week, residents from a certain area could take a single ride of
unlimited distance for a NT$50-coin and visit Maokong, Taipei’s most
beautiful backyard garden. A total of 22,993 passengers were attracted
to Maokong Gondola during this promotional period.
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(3) Dragon Boat Festival Celebration Event: “Spread Your Love with Fans
and Fragrant Sachets”
The Taipei Metro cooperated with Zhinan Temple during the Dragon Boat
Festival. Zhinan Temple organized paper fan hand-painting sessions while
the Maokong Gondola offered animal-shaped fragrant sachet DIY sessions,
adding to the festive atmosphere and attracting attention.
(4) Co-marketing with Taipei Fun Pass

The Maokong Gondola started a co-marketing campaign with the Taipei
City Government Department of Information and Tourism beginning
April 15, incorporating the Maokong Gondola as one of the attractions
on the Taipei Fun Pass and adding additional perks to the pass. The pass
was then promoted and sold on online platforms to increase the visibility
of the Maokong Gondola. As of the end of December, a total of 20,176
passengers enjoyed a ride through the pass.
(5) Mid-autumn Festival Celebration Event: “Starlight Ticket to Maokong

Gondola”
From September 2 to 15, the "Enjoying the Moon on the Maokong
Gondola during the Mid-Autumn Festival" campaign took place. Passengers
who bought a single-ride ticket from the counter after 17:00 at Maokong
Gondola’s Taipei Zoo Station could enjoy one ride for a concession price
of NT$50. A total of 10,445 passengers rode the Maokong Gondola during
the campaign period.
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Taipei Arena
Major Tasks
(1) Organizing international competitions or major events
Main Hall
113 competitions or events were organized in 2019, including 24
sports competitions, 79 cultural and entertainment events, and 10
assemblies and gatherings. More notable events include the Finals
for the High School Basketball League, 2019 YONEX Taipei Open,
The Lion King musical, Fei Yu Qing 2019 Farewell Concert @ Taipei
Arena, JJ Lin Sanctuary World Tour, Hito Music Awards 2019, The
30th Golden Melody Awards Ceremony, and Taishin Bank's VIP
Night.
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Auxiliary Hall: Ice Land

In 2019, Ice Land organized 12 domestic or international
competitions, including 2019 Chinese Taipei Figure Skating
Championships, 2019 National Short Track Speedskating Summer
Championships, 2019 Asian Open Figure Skating Trophy- Chinese
Taipei, and 2019 National Chung Cheng Ice Hockey Championships.
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(2) Upgrading Main Hall leasing services

As a way to upgrade services offered by the venue, we added TVs,
audio-visual splitters, refrigerators in the Star Corridor Lounge, and
2,000 NBA-grade auditorium chairs in the B1 VIP zone.
(3) Enabling multiple payment methods at Ice Land

To provide more payment options to visitors, we began to support
EasyCard and mobile e-payments at Ice Land on top of the existing
payment options of cash and credit card. New vending machines
also allowed visitors to pay by EasyCard or other e-payment
options, and could read bar codes on mobile devices and
download invoices from the cloud.
(4) Making centrally-controlled equipment smart

As the existing monitoring system reached the end of its service
life and the vendor had discontinued production of the current
system, meaning no repair software was available, the system was
replaced to resolve any future repair or maintenance problems.
In addition, 2 air-handling units in Ice Land were adjusted to use a
VAV system to save on electricity costs.
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Diverse marketing and creative holiday promotional

campaigns
In order to attract footfall and increase revenue, Ice Land was
active in launching all kinds of marketing campaigns, including “Get
a free weekday skating ticket after purchasing a certain amount,”
“4-person weekend group discounts,” “back to school discounts,”
and “Christmas children discounts.” Ice Land received 388,372
visits in 2019, a 2.4% increase from the previous year.
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Taipei Children's Amusement Park
Major Tasks
(1) Diverse marketing and ticketing measures
The Park cooperated with the Taipei Astronomical Museum
and National Taiwan Science Education Center to launch a
joint passport promotional package during summer and winter
vacations. A total of 25,000 passports were sold.
The Park worked with vendors in different industries to launch
the Robocar Poli Package Ticket. A total of 44,574 tickets were sold,
together with pop-up products under the same brand to generate
more revenue.
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(2) Continuing to expand affiliated Park commercial space

The Park took the initiative to coordinate with the Department
of Education to incorporate the streets outside of the Park into
its management. Starting from April 1, the Park took over the
management of adjacent areas, and effectively solicited vendors
and elevated the commercial value of the areas through the
organization of the "Family-friendly new car exhibition and
marketing" and 2019 NISSAN events focused on ecological topics.
(3) Improving Park software and hardware infrastructure

The Park continued to outsource operations and install smaller-
sized amusement facilities. The installation of the Kids' Boat,
Fighting Robots, Sky Gliding, and automobile coach field attracted
the attention of media and visitors alike. Additionally, we began to
promote “Play for All,” a policy encouraging inclusive activities. An
inclusive water amusement area was built for the enjoyment of
regular visitors, children with disabilities, and their companions.
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(4) Enhancing promotional measures

In addition to the metro system’s media channel, the Park also
utilized social media and media resources of the TCG and bus
operators to enhance promotional effectiveness. Furthermore,
the Park cooperated with renowned companies in other industries
to save on advertisement costs and expand the horizons of its
own marketing personnel, as well as increase their practical
experience and proficiency. 150 TV news features and print media
articles were aired and published in 2019, effectively increasing
the Park's exposure and visibility while significantly lowering the
advertisement budget.
Marketing campaigns
(1) Themed events
The Park organizes themed events on different holidays every year,
such as the Robocar Poli Ferris Wheel, Summer Movie Theater with
Tree Frogs, and the Halloween Costume Party, with the purpose
of providing a variety of entertainment experience to visitors,
attracting visitors and media coverage with refreshing ideas.
(2) Entry discounts

Discounts on admission tickets were offered for reserved groups
on weekdays, Taipei citizens' on Wednesdays, as well as starlight
tickets and tickets for those with disabilities to attract visitors. In
2019, around 364,545 visitors enjoyed these discounts.
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Awards
(1) Due to our innovative cross-industry cooperation and social (2) The Park also took part in the TCG's endeavors to develop the
marketing efforts, the Park was awarded with the Taipei Tourism Muslim tourism market and doubled its efforts to build a Muslim-
Recreation Attraction with Outstanding Performance by the TCG, friendly environment. It was one of the first attractions in Taiwan to
which effectively enhanced the image of the Park. receive Muslim Friendly Tourism Certification and was recognized
by TCG.
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Management of Re-invested Businesses
EasyCard Investment Holdings Co., Ltd.
The company has a registered and issued capital of NT$1,040,600,000.

The TRTC is the largest shareholder with 27.49% of the shares. Core
businesses include general investments. Investment targets include:
the EasyCard Corporation (wholly owned), UUPON Inc. (37% stake),
Metro Consulting Service Ltd. (6% stake) and Taiwan Mobile Payment
Company (1% stake). In 2019, net income after taxes was NT$142.74
million, providing the TRTC with a recognized investment return, on the
basis of stakes owned, of NT$35.31 million.
Metro Consulting Service Ltd.
The Metro Consulting Service (MCS) has a registered and issued capital
of NT$50 million. The TRTC is the largest shareholder with 20% of
shares. MCS is mainly involved in the management consulting industry,
providing track talent training courses and operational planning
services. In 2019, net income after taxes was around NT$2.27 million,
providing the TRTC with a recognized investment return, on the basis
of stakes owned, of around NT$370,000.
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Real Estate Development and Management
In addition to developing our core transportation business and related

affiliated businesses, the TRTC aimed at maximizing commercial values
and acted in line with the TCG's transit-oriented development (TOD)
policy, and has been active in using lands adjacent to metro lines
flexibly, promoting real estate development, and elevating the usage
rate of land and public facilities to re-shape the function and value of
these spaces. After review, Shilin Station was believed to have high
TOD potential as it lies at the core of tourism, transportation, and
life of citizens in northern Taipei area. In 2019, plans to vitalize and
diversify services offered at Shilin Station in terms of transportation
and space arrangement were completed. A multi-functional transit
service building is in plans to be built, along with metro transit facilities,
hotels, shopping malls, and offices, on the station’s western parking lot.
Building design and construction were initiated in 2020 and the project
is scheduled to be completed by 2022.
Operation of the First Stage of the Circular Line
The TRTC was commissioned by the New Taipei City Government

to operate the first stage of the Circular Line. In order to ensure
services provided on the new line abide by the high-quality and high-
standard of the Taipei Metro, the Circular Line Operations Division was
established in 2018 to be responsible for preparatory efforts, such as
E&M system stability tests, metro station operations, simulation drills,
and final inspections for permanent facilities. The Circular Line, a mid-
capacity line composed of steel tracks and wheels, utilizes an advanced
communication-based automatic train control system, which is a brand-
new, standalone Taiwanese control system that highly relies on software
to operate. In addition to continuous trial run tests to fix potential
software defects to ensure system stability, the TRTC also provided
training sessions as designed by the original vendor as well as training by
the Taipei Metro for operation, repair, and maintenance personnel in the
hopes to provide quicker, more convenient services to citizens in Taipei
and New Taipei Cities.
In 2019, vendor solicitation for shops and parking lots were completed
as scheduled, and 3 shops (located at Shisizhang, Xingfu, and New
Taipei Industrial Park Stations, covering a total of around 291 square
meters) were opened alongside the metro line. 4 parking lots (located
at Shisizhang, Banxin, Touqianzhuang, and New Taipei Industrial
Park Stations) provide a total of 309 spaces for cars and 586 spaces
for scooters. These parking lots utilize the latest parking equipment
and technology to provide better quality service, such as car plate
identification systems, third-party e-payment, and charging equipment
for electrical cars.
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New Life in Taipei
New Life
in
Taipei
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Urban Aesthetics
In the past 20 years, the Taipei Metro has shaped the image of a convenient and prosperous metropolis, making the lives of Taipei citizens
happier and more convenient. The upgraded Metro 2.0 further intertwines the Taipei Metro and the city, extending our reach from just
transportation into our daily lives, redefining the relationship between the city and its people from a people-oriented perspective. By
utilizing the metro platform and rich cultural and creative energy, the Taipei Metro 2.0 gives city life warmth and substance, constructs a
more comprehensive urban living network, and shapes a LOHAS and inclusive city image—Our Taipei Lifestyle.
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New Life in Taipei
Xinzhongshan Reform Project
To promote urban development and vitalization as well as increase

environment quality and citizen-friendly spaces, the TRTC launched a
project to reform the Linear Park between Zhongshan and Shuanglian
Stations, forging 5 areas: "Xinzhongshan Stage," "Cafe for Wanderers,"
"Moonlight Forest," "Dancing Plaza," and "Star Bridge."
The project was completed on November 2, 2019 and officially named
Xinzhongshan Linear Park.
The Xinzhongshan Linear Park and Zhongshan Metro Mall link the
surrounding commercial districts and public facilities together, which
include Shin Kong Mitsukoshi Department Store, Eslite Spectrum Nanxi
Store, Regent Taipei, shops on Chifeng Street, Museum of Contemporary
Art, Taipei Film House (former Consulate of the United States in Taipei),
Zhongshan and Shuanglian markets, Jiancheng Park, and Zhongshan
Sports Center. The juxtaposition of fashion, trends, creativity, and culture,
and the convergence of the humanities and art occurs at this exact
location where Tamsui-Xinyi Line crosses Songshan-Xindian Line, ensuring
good amenities and convenient transportation. After the launch of the
Park, we organized a series of marketing events in collaboration with the
surrounding commercial districts to create even more recreational spaces
and attractions, and thus the project was considered a paradigm of urban
space reform in Taipei.
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Improving East Metro Mall Plaza Facilities

to Provide a Quality Performance Venus
that Attracts Crowds
In 2019, the Wellcome and Longmen Plazas in East District

were renovated and underwent an overall spatial retrofit.
They were opened to be leased for commercial purposes
to increase usage and commercial value. In addition, the
East Metro Mall redesigned the Plaza 2 stage, and added
lighting and audio equipment on Plazas 2 and 7. Band
performances were scheduled every weekend to provide a
quality shopping and recreational environment to visitors.
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New Life in Taipei
Spatial Beautification of Spaces at

Stations and Along Metro Lines
Artistic installation "Stream" placed on the Plaza at Exit

12 and Exit 14 of East Metro Mall
The Longmen and Wellcome Plazas sit where Liugongjun used
to be. Therefore, the artist adopted the image of flowing water
and chose "stream" as the theme of their art, artistically and
technologically reinterpreting them through the LED e-installations
"Spring" and "Waterfall." The installations were lit up on December
7, 2019 to kick-start Taipei Metro's Exit Music Festival. When
activated at night, the installations display a rich and dynamic
flow of light and shadow, with light-and-music performances
showing each hour. In addition, citizens could also use smart cards
containing RFID chips (such as EasyCards, iPASS cards, and other
e-cards) to interact with the installation. The art works became a
huge attraction in East District, bringing more tourists and making
visitors stay in the area longer.
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Jazz Square Garden

3D-painting artists were invited to create artwork based on the theme
"Endless Flowing Water." Waterfalls and simple wooden passageways
on cliffs were drawn, giving birth to a 3D landscape on a flat surface,
imposing a visual and mental challenge to visitors. Flowers in the
Garden are changed regularly to make the overall scene more colorful.
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New Life in Taipei
Guandu and Fuxinggang Stations

Taking local history, culture, and environmental features into
consideration, the Taipei Metro chose "Animal Carnival x Little Soldier,
Big Hero" as the theme and installed 9 copper birds at Guandu Station
to rouse environmental awareness among the public; 10 copper
soldiers were placed at Fuxinggang Station, representing the area’s
history. Urban aesthetics was put to practice by beautifying metro
stations.
Installations at the riverside park near Tamsui Station

The Taipei Metro cooperated with Tamsui Historical Museum and
drew inspiration from the Sino-French War to install a "Flower and
Future" relief sculpture on the riverside green-land behind Tamsui
Station to beautify the area surrounding the station.
Longshan Temple Station

In order to beautify the station and vitalize the surrounding commercial
district, the Fashion Institute of Taipei was commissioned to redesign
4 walls by incorporating elements of local architecture, famous shops,
and images reminiscent of the area.
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Branding Campaigns and Culture and Creative Activities across Industries
“We Can't Make Ten Billion without

You!”
To celebrate the ridership of Taipei Metro exceeding 10 billion, a series

of grand celebration events were organized from March 7 , 2019.
These events included an online prediction and raffle event, prizes
for the 10 billionth rider, Where's the No. 10 billionth on the Metro?,
cheerleading teams for each metro line, night tours of Beitou Depot,
Best 100 Melody Concert, and the Be With You evening banquet.
The social media accounts created for the personification of each of
the 5 metro lines and related interactive campaigns, incorporating
local features along each line and seasoned by a sense of humor,
were highly popular among netizens and generated significant online
presence (2 million visitors) and media coverage (320 news reports).
The campaign also invited famous YouTubers to create promotional
videos, and successfully created a young and energetic image for
Taipei Metro.
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New Life in Taipei
Taipei Jazz Festival
The Taipei Metro and the Taipei City Government’s Department

of Cultural Affairs co-organized this festival, inviting jazz musicians
from Taiwan and other countries to take part in 4 weekend
jazz concerts and 4 lectures and workshops from August 31
to September 29, 2019. The Swing Dance group was invited to
perform and a cultural and creative fair was organized to attract
more visitors. The Taipei Jazz Festival brought even more depth
into the city’s music image and also brought music closer to
people's daily life.
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The 15th Metro Street Dance

Competition
The Competition, themed around "15 Years of Glory," invited Ben

Wu and Kimberly Chen to be spokespersons. Press conferences,
pop-up dance events at Ximen and Banqiao Stations, and the
preliminary and final rounds of competitions took place. A total of
244 teams registered for the competition, which was viewed by
2,450 on-site spectators. Dancing classes for the general public
and professional street dance boot-camps were organized for the
first time in 2019. In addition to spokespersons and promotion
ambassadors, the competition invited the Champions of Dance
Delight World Final from Japan and BBOY dance crew from Korea
to perform as well as serve as international judges and lecturers
at boot-camps, so that the competition could be not just a contest
but also an exchange platform for outstanding dancers.
Metro Image Video
In 2019, the Taipei Metro took its image video one step further.
Instead of making another micro film, the video was created in
hand-drawn animation for the first time and included sounds
in metro stations, presenting the audience with the charm of
the intertwining of the real and virtual worlds. The overriding
story about the Taipei Metro was composed of 5 small stories
concerning different groups and themes. These little stories act as
microcosms of the Metro, highlighting the relationship between
passengers and the transportation system. Refreshing and one-of-
a-kind camera movements enabled the audience to shift between
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New Life in Taipei
different perspectives and created a brand new perception of the

Taipei Metro. This animation won several international awards,
including iF Design Award 2020, Illustration Competition of
Communication Arts, and Golden Award of Telly Awards.
BE WITH YOU Micro Film Screenplay

Solicitation
Playwrights were invited to pen a screenplay titled “Be with You,”

based on real stories about the Taipei Metro, to express the
beauty of life with the metro. A total of 1,884 screenplays were
submitted from June 17 to August 16, 2019, by contestants in
Taiwan or other countries. Some of these playwrights, moreover,
had been shortlisted for or were winners of major awards in
literature, scriptwriting, or micro film creation. These pieces
successfully expressed the connection between metro and culture.
The competition invited 5 famous playwrights and directors to
serve as judges, and organized an award ceremony and script
analysis lecture on October 26, 2019, where future playwrights
could interact and conceive of more ideas.
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Taipei Metro x IKEA “Metro —

The Beauty of Going Home”
"Metro—the beauty of going home," an exhibition co-organized

by the Taipei Metro and IKEA, was on display from November 14,
2019 to February 16, 2020 at Qizhang, Nanjing Fuxing, and Ximen
Stations. The exhibition at Qizhang Station, inspired by the image
of an urban oasis, highlighted a LOHAS lifestyle. The exhibition at
Nanjing Fuxing Station built a colorful and fun family-friendly space.
The exhibition at Ximen Station was a dreamland of youth. These
displays, invoking the image of a home in passengers' minds, were
connected with their rich surrounding environments and made the
way back home more beautiful.
Time as Pretty as Flowers
The Taipei Metro worked with the Taipei Flower Market and the
Agriculture and Food Agency to install mobile flower displays at
Zhongshan Station from October 28 to November 24, and at Ximen
and Taipei City Hall Stations from November 26 to December 29.
Drawing inspiration from European-style flower shops, these flora
exhibitions fit perfectly into the metro station environment and
attracted passengers' attention. The theme and color of the flowers
were changed each week to create a refreshing atmosphere.
Domestically-produced flowers were also promoted and became
the backdrop of photographs or the subject of Facebook check-ins
during the exhibition period.
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New Life in Taipei
Launching “Match-making” Package

Tickets
As part of the 2019 Dadaocheng Chinese Valentine's Day Celebration

organized by the Taipei Cityl Government’s Department of Information
and Tourism, the Taipei Metro installed ticket-vending machines
outside of a metro station for the first time and launched "match-
making" ticket packages with Matchmaking God's fortune poems and
select pick-up lines. The campaign, organized against the backdrop of
the fireworks on Chinese Valentine's Day, made Taipei Metro a young
and popular brand.
Family-Friendly Metro Trains
The Taipei Metro aimed to create a family-friendly image through

innovative, rich, diverse family-friendly themes and promotional
measures, building a more comprehensive and inclusive riding space. In
2019, “Family Area” stickers on 36 trains were gradually replaced, and
"Shiba Says" (Shiba lnu) stickers were included alongside the original
Maji Meow imagery, which became more diverse and better suited to
children's needs. Colored "2019 Summer Night Starlight Trains" were
launched on the Tamsui-Xinyi Line from July to October. A magical
and fun riding space was built through innovative and colorful sticker
designs, making rides more interesting and interactive for families.
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Issuing Chinese Zodiac Sign Memorial

Tickets for the Year of the Pig
The design for the "Memorial Ticket for the Year of the Pig" was
based on 3 major concepts: auspiciousness, city, and wholeness.
The ticket package included an exclusively designed red envelope,
painted mainly in red and gold in line with the festive atmosphere
of the Chinese New Year. A limited amount of 800 packages went
on sale on January 26, 2019, and were sold out the next day.
Metro Station Art Corridors
To encourage artistic creation and beautify metro stations, the

TRTC began building art corridors in 1997 as spaces available for
the public to rent to display their artistic creations. In 2019, one
more art corridor was added to Dingxi Station on top of existing
ones at Chiang Kai-shek Memorial Hall, Zhongxiao Fuxing (one on
the south wing and one on the north wing), Zhongshan , Jiangzicui,
and Taipei Nangang Exhibition Center Stations (where the art
corridor is leased by contract to Chengzheng Junior High School on
a long-term basis). These 7 corridors at 6 stations are open for the
public to display ink wash paintings, oil paintings, or photography,
adding an artistic touch to metro stations.
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New Life in Taipei
Community Marketing and Corporate Social Responsibility
Reshaping Zhongshan District
The Xinzhongshan Linear Park combines the line-shaped park, the B1

plaza of the Metro Administration Building, Jazz Square, and Zhongshan
Underground Book Street, creating more recreational spaces so that the
lives of residents grow closer to these venues and urban spaces. Upon
completion of the retrofit project, events such as the Exit Music Festival
and "Yeah, Xinzhongshan is Fun" were scheduled from November 9 to
December 29, 2019, spanning 8 consecutive weekends. Other activities
included 4 large-scale concerts, 2 major installations, 3 Christmas lighting
areas, themed fairs on weekends, and 64 street artist shows.
The campaign invited shops in the Xinzhongshan neighborhood to jointly
promote the district, selected the top 8 attractions within the district,
organized 2 seminars for shop owners, and cooperated with Eslite
Bookstore and Shin Kong Mitsukoshi Department Store. 12 shops in the
neighborhood joined the campaign and more than 50,000 people took
part in related activities.
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New Life in Taipei
Vitalizing and Promoting Metro

Underground Spaces
To provide an ideal place to hang out during weekends, Jazz Square
Garden at Zhongshan Metro Mall regularly changes out its flowers,
and music bands are invited to perform during weekends for the
enjoyment of the public. A variety of food options are available
around the square, including Hakka cuisine, cafes, fast food, and
convenience stores. The East Metro Mall also organizes exhibitions
or music band performances at its plazas every weekend. Citizens
could enjoy a relaxing afternoon while listening to pop or jazz
songs performed by skilled singers.
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Houshanpi LOHAS Project No. 1
Based on the result of i-Voting, Taipei Metro-owned lands by Exit 1 of

Houshanpi Station were re-organized and beautified, which included
replacing grass block pavers with granite block paving, cutting the
roots of woody plants, installing root barriers, and adding tree holes
and raised flower beds, so to provide a quality living environment for
residents.
Library on Wheels V.S. Family Movie

Theater on Weekends
To provide multiple forms of family-friendly activities, the Taipei Metro

worked with Taipei Public Library and organized "Library on Wheels
V.S. Family Movie Theater on Weekends" at Dahu Park Station on
September 28, 2019. Fully-loaded with great books, the Library on
Wheels provides a comfortable reading space. In the afternoon, there
are story-telling sessions, games with popular cat mascots, as well as
street artist performances with one-of-a-kind tricks. Animated films
were screened in the evening, marking the end of a knowledgeable
and warm weekend.
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New Life in Taipei
More Visible LED Pregnant Insignia
To address pregnant women's needs, in addition to providing

"Baby on Board stickers" at all metro stations, the Taipei Metro
launched the "Priority Seat for Pregnant Women" program, a
trial project that distributed a limited amount of LED badges for
pregnant women. Expecting moms first register online, then show
the e-certificate on their phones and their pregnancy manual at 20
designated metro stations, such as Taipei Main Station, to receive
an LED badge for free. The insignia is meant to remind passengers
to yield their seats to pregnant women and create a comfortable
and caring riding environment for all.
Adding Breastfeeding Rooms
All related facilities, including arm sofas of appropriate height,

small side tables that makes breastfeeding easier, 110V plug
sockets, basins, diaper changing stations, and water dispensers
with hot and cold water are equipped in breastfeeding rooms
at metro stations. After adding breastfeeding rooms at Dingxi
and Gongguan Stations in December 2019, there are now 39
breastfeeding rooms across the metro network (including the 1st
stage of the Circular Line). If passengers need to breastfeed at
stations without a breastfeeding room, they can ask station staff to
yield the staff lounge as an alternative to a breastfeeding room, so
as to gain access to the assistance and care they need.
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Colored Landscapes as New Check-in

Attractions
In July 2019, the Taipei Metro cooperated with the Discovery

Channel to build a 3D “Wild Challenge” installation at Plaza 4 of the
East Metro Mall, challenging passengers' courage and eyes with a new
interactive experience for families. The installation became a popular
attraction for internet celebrities to check in at.
In October 2019, the Taipei Metro worked with the National Taiwan
Museum and installed 3D animal-shaped floor stickers at Exit 4 of
NTU Hospital Station, extending the presence of important collections
within the museum. The Formosan clouded leopard, Formosan black
bear, Chinese leopard cat, and Board-tail Swallowtail Butterfly (Agehana
maraho) sprang out of the museum and got closer to the public.
Marketing Campaign Targeting the

Elderly
To encourage the elderly to take the metro, if senior citizens took over
30 rides on the metro from April to June 2019, they could receive a
voucher for shops. 25,362 vouchers were distributed, and the average
ridership of the elderly was 153,000, a 12% year-over-year growth.
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New Life in Taipei
Taipei Anytime Tourism Package

Campaign
To encourage tourists to take the metro, from October 2019

to March 2020, tourists can get one Taipei Anytime coupon
guidebook with any purchase of a One-Day pass, a 24/48/72-hour
Taipei Metro Pass, or Joint Ticket (Taiwan High Speed Rail/Taipei
Metro Joint Ticket, Taoyuan Airport MRT/Taipei Metro Joint Ticket,
or Kuo-Kang Airport Bus/Taipei Metro Joint Ticket). The coupon
guidebook includes discounts for the National Palace Museum,
Taipei 101, Maokong Gondola, Taipei Children's Amusement Park,
and 18 select shops in the Zhongshan and Yongkang Commercial
Districts, valued at over NT$4500.
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Plastic Flooring for Dancing Area

and Connecting Corridors at Ximen
Metro Mall
The old flooring for the dancing area at Ximen Station did not meet
the needs of dancers. In 2019, the flooring was replaced by plastic
tiles and the flooring of connecting corridors was also improved.
The geometrically-shaped tiles in the three primary colors captured
the diversity of street dance and the youthfulness of Ximending.
Thus the whole area looked younger with improved usability and
visual aesthetics, making it more suitable for street dance.
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New Life in Taipei
Environmental Sustainability and Energy Conservation
To live up to our corporate social responsibility and address topics

related to environment and sustainability, the TRTC is dedicated
to implementing all kinds of energy conservation projects to lower
energy consumption and reduce the environmental footprint
generated from metro operation. We do our part for the earth to
reduce pollution, making Taipei a more beautiful city, and realizing
the vision of a sustainable and livable city.
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Energy Conservation, Carbon Reduction,

and Environmental Practices
In 2019, several types of energy conservation management

mechanisms were put in place, including replacing lighting, adjusting
air conditioning operation modes, replacing old and energy-consuming
facilities and water chillers, and implementing energy-saving timetables
on each line and adjusting headways accordingly. We saved a total of
3.36 million kWh of electricity and reduced our CO emissions by 1,951
tons, conserving energy and protecting the environment. In addition,
the Wenhu Line adjusted and reduced the number of train runs to
comply with the closing hours of Taipei Zoo, resulting in the reduction
of a total of 6.89 million kWh of electricity. Limited resources were
coordinated based on transportation volume so as to ensure both
service quality and carbon reduction, which can also reduce expenses
spent on power.
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New Life in Taipei
The PV Project
In response to the nation’s energy policy and TCG's goal to build a

low-carbon city, the TRTC installed a PV power generating system on
the roof of Beitou Depot. The installation, with a capacity of around
3.8MW, was the first power-plant-grade PV power generating facility in
Taipei, and also the power plant with the largest PV installed capacity
owned by rail operators in Taiwan. On August 30, 2019, a commercial
operation ceremony for the PV power plant at Beitou Depot was
held. The Taipei Metro, as a member of the global village, will continue
to comply with the green energy policy stipulated by the central
government to evaluate the feasibility of installing PV power at other
depots in the hopes to attain the goal of a nuclear-free, green energy
homeland as soon as possible.
Energy-Conservation Knowledge
Exchange Events
Under the auspices of the Ministry of Economic Affairs’ (MOEA) Bureau

of Energy, the Taipei Metro organized the "Energy-conservation
Benchmark Knowledge Exchange Event of the MOEA," where service
industry representatives and rail operators across Taiwan could share
their experiences and achievements regarding energy conservation.
The TRTC shared our experience concerning the major mechanisms
the Taipei Metro adopted to become the winner of the MOEA’s 2018
Gold Benchmark Award. Our achievement was recognized by nearly
100 industry representatives. Match-making areas were arranged
outside of the meeting venue, so that event participants could gain a
better understanding about the concepts and hands-on experience of
energy conservation.
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Embrace the Future
Embrace
the
Future
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Embrace the Future
24 years after our first train started its run on the tracks, the Taipei
Metro achieved our 10-billion ridership milestone on March 31,
2019. The Taipei Metro organized a series of celebration activities
upon this achievement and shared anecdotes about our operation
with the public, inviting them to jointly witness the fruitful outcome
of TCG's policies. In the future, Taipei Metro will continue to
provide safe, reliable, and caring transportation services and
constantly ensure the safety of our passengers.
On the foundation of a safe and stable system, our main goal

remains to double our efforts to achieve "maximum commercial
value." We will actively honor our commitment as an enterprise
and continue to promote all topics related to sustainable
operation. On our core business front, the Taipei Metro continues
to provide diverse ticket options to drive thriving developments
of the overall public transportation in the city. As for finance, our
affiliated businesses continue to make use of the high footfall
brought in by the metro and actively introduce many new business
models to generate revenue to support our core business and
ensure financial sustainability. Regarding operation innovation,
the Taipei Metro complies with the TOD urban development
vision proposed by the TCG and has engaged in new areas such
as real estate development and management, incorporating
lands surrounding metro stations, and vitalizing and densely
developing these areas. In addition to Shilin Station, the TRTC will
continue to evaluate the possibility of vitalizing land development
in other metro TOD venues, so as to drive developments in the
areas surrounding metro stations and to build a diverse city with
improved transportation, lifestyle, Furthermore, to show the Taipei
Metro's determination in promoting green energy and living up
to our social responsibility, the Taipei Metro extended its reach
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Embrace the Future
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Embrace the Future
into New Taipei City and has plans to lease out the rooftops of the
Tucheng and Luzhou Depots (a total of 100,000 square meters) to
build PV power generating facilities capable of generating at least
4.5 MW capacity. The project is scheduled to be completed and
integrated with the grid in 2021, and will be capable of reducing
CO2 emissions by 2,200 tons, equivalent to the amount of CO2
absorbed by 6 Da’an Parks, and providing electricity to about
1,300 households for a year. As for community building, seeing as
we had completed the project to reform the linear park between
Zhongshan and Shuanglian Stations (Xinzhongshan) and it became
a paradigm of urban reform, the Taipei Metro also plans to extend
the park northward and implement a project to reform the linear
park between Shuanglian and Minquan West Road Stations,
which is scheduled to be completed by 2021. More recreational
spaces for activities and scenic attractions will be developed for
neighboring communities when the project is completed.
In regards to our commissioned businesses, such as the Maokong

Gondola, Taipei Arena, and Taipei Children's Amusement Park,
the Taipei Metro will continue to improve the management and
enhance business performance of these facilities in the hopes
to vitalize the city's resources. By doing so, our core business
of transportation, our affiliated businesses, and commissioned
businesses can draw from each other and thrive together,
achieving multiplied effects.
Safeguarding passengers is the one commitment of the Taipei

Metro that has never changed. All personnel are devoted to their
duties and work together to provide a convenient and happy
urban life for residents in the Greater Taipei area. The TRTC will
continue to follow the TCG's strategic roadmap and principal
policies, and aim to realize the vision of "a world-class metro, a
wonderful Taipei" and work in line with all implementation policies.
The Taipei Metro also hopes, under the structure of Metro 2.0, to
expand from our role in transportation services and reach out into
people's daily lives. We hope to make our presence known within
communities, to incorporate cultural elements, and to expand our
scope of commercial services, so as to enhance the convenience
of living and realize the vision of a livable city.
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130
Milestones
Milestones
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Milestones
2019.01 2019.01 2019.01 2019.03
2019.05 2019.06 2019.06 2019.07
2019.09 2019.09 2019.10 2019.11
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Milestones
2019.03 2019.04 2019.05
2019.08 2019.08 2019.08
2019.12 2019.12 2019.12
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134
Key Statistical Data
Key
Statistical
Data
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Route Length Wenhu Line Tamsui-Xinyi, Songshan-Xindian, Full System Unit

Zhonghe-Xinlu and Bannan Lines
25.2 105.9 131.1

Full operational network km
22.0 11.1 33.1

Elevated sections km
-- 9.5 9.5
Ground level sections km
3.2 85.3 88.5

Underground sections km
-- -- 136.6
Full network km
Number of Stations Wenhu Line Tamsui-Xinyi, Songshan-Xindian, Full System Unit

24 93 117
Total Stations
22 12 34
Elevated sections Stations
0 5 5
Ground level sections Stations
2 76 78
Underground sections Stations
136
Trains Wenhu Line,Tamsui-Xinyi, Songshan-Xindian, Unit

VAL256 370 301 321 341 371 381

Train model
25.5 50.5 22 36 6 53.5 24

Number of trains Trains
4 4 6 6 6 6(3) 6
Number of carriages per train Carriages
102 202 132 216 36 321 144

Number of carriages Carriages
80 76 352 352 352 308 318

Seats Per Train Persons
464 424 2,220 2,220 2,220 2,220 2,220

Passenger capacity per train Persons
6% 6% 3% 3% 3% 3% 3%
Maximum gradient
33 33 200 200 200 200 200

Minimum curvature radius m
80 80 90 90 90 90 90
Maximum designated speed km / hr
Depots Wenhu Line Tamsui-Xinyi, Songshan-Xindian, Full System Unit

Zhonghe-Xinluand Bannan Lines
2 6 8
Number of depots Set Depots
13.31 115.17 128.48

Total area ha
137
6% 6% 3% 3% 3% 3% 3%
Maximum gradient
2O19 33 33 200 200 200 200 200

Minimum curvature radius m
80 80 90 90 90 90 90
Maximum designated speed km / hr

2 6 8
Number of depots Set Depots
13.31 115.17 128.48

Total area ha
Affiliated usinesses Wenhu Line Tamsui-Xinyi, Songshan-Xindian, Full System Unit

20 178 198
Station storefronts Stores
Advertisements
176 1,526 1,702

Station advertisements Items
2,124 12,528 14,652

On-Board advertisements Items
Carparks parking
2,226 10,978 13,204

Scooter spaces Spaces
692 3,524 4,216

Car spaces Spaces
Underground malls
0 192 192
Number of shop spaces Stores
0 8,700.89 8,700.89
Total shop area m
2
138
Wenhu Line Tamsui-Xinyi, Songshan-Xindian, Unit

Operation time Unit
18 6:00-24:00 18 6:00-24:00
Number of hours per day Hours
Train time statistics Unit
25-60
Berthing time 25-60 sec. General stations 20-35 sec.; major transit stations 35-50 sec.
Tamsui – Xiangshan 53 min., 50 sec.
Beitou – Daan 35 min., 05 sec.
Songshan – Xindian 37 min., 00 sec.
Songshan – Taipower Building 24 min., 15 sec.
Single journey duration 48 min., 47 sec. Luzhou – Nanshijiao 36 min., 24 sec. min:sec
Huilong – Nanshijiao 47 min., 56 sec.
Taipei Nangang Exhibition Center – Dingpu 47 min., 48 sec.
Taipei Nangang Exhibition Center – Far Eastern Hospital 39 min., 08 sec.
Tamsui – Xiangshan 107 min., 40 sec.
Beitou – Daan 70 min., 10 sec.
Songshan – Xindian 74min., 00 sec.
97 34 Songshan – Taipower Building 48 min., 30 sec.

Return journey duration 97 min., 34 sec. min:sec
Luzhou – Nanshijiao 72 min., 48 sec
Huilong – Nanshijiao 95 min., 52 sec.
Taipei Nangang Exhibition Center – Dingpu 95 min., 36 sec.
Taipei Nangang Exhibition Center – Far Eastern Hospital 78 min., 16 sec.
90 150~495
Turnaround time 90 sec. 150~495 sec. min:sec
139
2O19

Ridership Unit
75,991,020 713,608,116 789,599,136

Annual ridership Trips
208,195 1,955,090 2,163,285

Average daily ridership Trips
233,493 2,062,787 2,296,280

Average weekday Trips
ridership
Average weekend and

153,891 1,723,914 1,877,805
Trips
holiday ridership

Train Usage Unit
214,136 952,072 1,166,208

Total number of train runs Runs
587 2,608 3,195

Average daily runs Runs
5,433,169 17,512,446 22,945,615

Total train kilometers Train-km
140

Service Performance
Average peak headway min:sec
Average off-peak headway min:sec
32.37 31.27
Train speed km/hr
99.61% 99.52%
Punctuality rate
Average loading density 4.36 3.91

Persons / m
during peak hours
0.18 0 0.04
Minor incidents Incidents / million km
0 0 0
Major incidents Incidents / million km
Total passenger 600,738,697 5,760,379,133 6,361,117,830

km
kilometers
Other
22.32
Average ticket price (tax incl.) NTD
8.06
Average journey length km
141
2O19
142
Appendix
Appendix
143
2O19
Auditor’s Report and Financial Statements
144
Appendix
TAIPEI RAPID TRANSIT CORPORATION Handling”, Enterprise Accounting Standards (EAS) and its
FINANCIAL STATEMENTS AND REPORT Interpretations.
OF INDEPENDENT ACCOUNTANTS
Basis for opinion
DECEMBER 31, 2019 AND 2018
We conducted our audit in accordance with the “Regulations

Opinion
Governing Auditing and Attestation of Financial Statements
by Certified Public Accountants” and generally accepted
We have audited the accompanying balance sheet of
auditing standards in the Republic of China (ROC GAAS).
TAIPEI RAPID TRANSIT CORPORATION (the “Company”)
Our responsibilities under those standards are further
as of December 31, 2019, and the related statements of
described in the Auditor’s Responsibilities for the Audit
comprehensive income, of changes in equity and of cash
of the Financial Statements section of our report. We are
flows for the year then ended, and notes to the financial
independent of the Company in accordance with the Code
statements, including a summary significant accounting
of Professional Ethics for Certified Public Accountants in
policies. These financial statements are the responsibility
the Republic of China (the “Code”), and we have fulfilled
of the Company’s management. Our responsibility is to
our other ethical responsibilities in accordance with the
express an opinion on these financial statements based on
Code. We believe that the audit evidence we have obtained
our audit. We did not audit the 2019 financial statements
is sufficient and appropriate to provide a basis for our
of investments accounted for under the equity method.
opinion.
These investments amounted to $449,473 thousand
as of December 31, 2019, and the related investment
Responsibilities of management for the financial
income was $39,655 thousand for the year then ended.
statements
The financial statements of these investee companies
were audited by other independent accountants, whose
Management is responsible for the preparation and fair
reports thereon have been furnished to us and our opinion
presentation of the financial statements in accordance
expressed herein, insofar as it relates to the amounts
with the requirements of “Business Entity Accounting
included in the financial statements for these investments,
Law” relating to the preparation of financial statements,
is based solely on the reports of the other independent
“Regulation on Business Entity Accounting Handling”,
accountants. The 2018 financial statements were examined
Enterprise Accounting Standards and its interpretations,
by the Audit Department in Taipei. The differences from the
and for such internal control as management determines is
audited amounts are described in Note 10.
necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to
In our opinion, the accompanying financial statements
fraud or error.
present fairly, in all material respects, the financial
position of the Company as at December 31, 2019, and
In preparing the financial statements, management is
its financial performance and its cash flows for the year
responsible for assessing the Company’s ability to continue
then ended in accordance with the “Business Entity
as a going concern, disclosing, as applicable, matters
Accounting Law” relating to the preparation of financial
related to going concern and using the going concern
statements, “Regulation on Business Entity Accounting
basis of accounting unless management either intends to
liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
145
2O19
146
Appendix
Auditor’s responsibilities for the audit of the financial used and the reasonableness of accounting estimates and
statements related disclosures made by management.
Our objectives are to obtain reasonable assurance about 4.Conclude on the appropriateness of management’s use
whether the financial statements as a whole are free from of the going concern basis of accounting and, based on the
material misstatement, whether due to fraud or error, audit evidence obtained, whether a material uncertainty
and to issue an auditor’s report that includes our opinion. exists related to events or conditions that may cast
Reasonable assurance is a high level of assurance, but is significant doubt on the Company’s ability to continue as a
not a guarantee that an audit conducted in accordance going concern. If we conclude that a material uncertainty
with ROC GAAS will always detect a material misstatement exists, we are required to draw attention in our auditor’s
when it exists. Misstatements can arise from fraud or report to the related disclosures in the financial statements
error and are considered material if, individually or in the or, if such disclosures are inadequate, to modify our
aggregate, they could reasonably be expected to influence opinion. Our conclusions are based on the audit evidence
the economic decisions of users taken on the basis of obtained up to the date of our auditor’s report. However,
these financial statements. future events or conditions may cause the Company to
cease to continue as a going concern.
5.Evaluate the overall presentation, structure and content
As part of an audit in accordance with ROC GAAS, we of the financial statements, including the disclosures, and
exercise professional judgment and maintain professional whether the financial statements represent the underlying
skepticism throughout the audit. We also: transactions and events in a manner that achieves fair
1.Identify and assess the risks of material misstatement presentation.
of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive We communicate with those charged with governance
to those risks, and obtain audit evidence that is sufficient regarding, among other matters, the planned scope and
and appropriate to provide a basis for our opinion. The timing of the audit and significant audit findings, including
risk of not detecting a material misstatement resulting any significant deficiencies in internal control that we
from fraud is higher than for one resulting from error, as identify during our audit.
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
2.Obtain an understanding of internal control relevant

to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the
Company’s internal control.
3.Evaluate the appropriateness of accounting policies
147
2O19
$ 387,143 2 $ 3,288,282 17
4,221,030 21 3,247,522 17
960,062 5 999,925 5
32,733 - 53,393 -
552,251 3 376,338 2
69,353 - 71,093 -
451,330 2 448,499 2
2,357,715 12 2,356,992 12
378,457 2 622,848 3
3,037,000 15 - -
12,447,074 62 11,464,892 58
1,962,382 10 2,310,019 12
449,473 2 440,681 2
4,685,788 23 4,906,920 25
18,501 - 31,326 -
510,004 3 482,504 3
3,622 - 1,873 -
7,629,770 38 8,173,323 42
$ 20,076,844 100 $ 19,638,215 100
148
Appendix

(Expressed in thousands of New Taiwan dollars;
the 2018 balances were examined by the audit department in Taipei)
December 31, 2019 December 31, 2018
Current Assets
　Cash and cash equivalents 6(1) $ 387,143 2 $ 3,288,282 17
　Ava a e- or- a e a a a e - rre 6(2) 4,221,030 21 3,247,522 17
　 e d- o- a r y a a a e - rre 6(3) 960,062 5 999,925 5
　Accounts receivable 32,733 - 53,393 -
　Accounts receivable - related parties 7 552,251 3 376,338 2
　Other receivables 69,353 - 71,093 -
　Other receivables - related parties 7 451,330 2 448,499 2
　Inventories 6(4) 2,357,715 12 2,356,992 12
　Prepayments 378,457 2 622,848 3
　 her rre a a a e 6(5) 3,037,000 15 - -
Total current assets 12,447,074 62 11,464,892 58
　Non-current assets
　 e d- o- a r y a a a e - 6(3)
　non-current 1,962,382 10 2,310,019 12
　Investments accounted for under equity 6(6)
　method 449,473 2 440,681 2
　Property, plant and equipment 6(7) 4,685,788 23 4,906,920 25
　Intangible assets 18,501 - 31,326 -
　Deferred income tax assets 6(19) 510,004 3 482,504 3
　Other non-current assets 3,622 - 1,873 -
　Total non-current assets 7,629,770 38 8,173,323 42
TOTAL ASSETS $ 20,076,844 100 $ 19,638,215 100
(Continued)
149
2O19
$ 109,123 - $ 181,462 1
11,903 - 13,682 -
95,997 - 79,523 -
10,507 - 12,735 -
122,956 1 93,802 1
2,589,167 13 2,483,480 13
604,764 3 616,256 3
764,215 4 712,903 4
4,308,632 21 4,193,843 22
- - 7 -
3,389,319 17 1,435,225 7
3,389,319 17 1,435,232 7
7,697,951 38 5,629,075 29
10,000,000 50 10,000,000 51
13,193 - 13,193 -
1,536,876 8 1,472,302 8
733,718 4 2,438,086 12
95,106 - 85,559 -
12,378,893 62 14,009,140 71
$ 20,076,844 100 $ 19,638,215 100
150
Appendix

Current Liabilities
Notes payable $ 109,123 - $ 181,462 1
Notes payable - related parties 7 11,903 - 13,682 -
Accounts payable 95,997 - 79,523 -
Accounts payable - related parties 7 10,507 - 12,735 -
Income tax payable 122,956 1 93,802 1
Other payables 6(8) 2,589,167 13 2,483,480 13
Other payables - related parties 7 604,764 3 616,256 3
Other current liabilities 6(9) and 7 764,215 4 712,903 4
Total current liabilities 4,308,632 21 4,193,843 22
Non-current liabilities
Deferred income tax liabilities 6(19) - - 7 -
Other non-current liabilities 6(10)(11) and
7 3,389,319 17 1,435,225 7
Total non-current liabilities 3,389,319 17 1,435,232 7
Total liabilities 7,697,951 38 5,629,075 29
Equity 6(12)
Share capital - common shares 10,000,000 50 10,000,000 51
Capital surplus 6(13)
Capital surplus 13,193 - 13,193 -
Retained earnings 6(14)
Appropriated retained earnings 1,536,876 8 1,472,302 8
Unappropriated retained earnings 733,718 4 2,438,086 12
Other adjustments to equity
Unrealised gain or loss on available-for-sale
a a a e 95,106 - 85,559 -
Total equity 12,378,893 62 14,009,140 71
Commitments 8
TOTAL LIABILITIES AND EQUITY $ 20,076,844 100 $ 19,638,215 100
The accompanying notes are an integral part of these financial statements.

151
2O19
$ 16,783,342 82 $ 16,486,824 85
3,561,345 18 2,879,779 15
20,344,687 100 19,366,603 100
( 16,083,072) ( 79) ( 16,014,318) ( 83)

( 1,712,682) ( 9) ( 1,193,025) ( 6)
( 17,795,754) ( 88) ( 17,207,343) ( 89)
2,548,933 12 2,159,260 11
( 696,670) ( 3) ( 645,280) ( 3)
( 770,317) ( 4) ( 795,859) ( 4)
( 634,886) ( 3) ( 573,602) ( 3)
( 133,782) ( 1) ( 126,613) ( 1)
( 2,235,655) ( 11) ( 2,141,354) ( 11)
313,278 1 17,906 -
672,855 4 677,950 4
12,247 - 21,132 -
( 198) - ( 183) -
39,655 - 34,343 -
724,559 4 733,242 4
1,037,837 5 751,148 4
( 195,247) ( 1) ( 105,406) ( 1)
$ 842,590 4 $ 645,742 3
($ 137,457) - $ - -
9,509 - ( 5,319) -
38 - 25 -
27,491 - - -
($ 100,419) - ($ 5,294) -
152
$ 742,171 4 $ 640,448 3
Appendix

he aa e were e a ed y he a d depar e a pe
2019 2018
Operating revenues 6(15)
Fare revenues $ 16,783,342 82 $ 16,486,824 85
Other operating revenues 7 3,561,345 18 2,879,779 15
Total operating revenues 20,344,687 100 19,366,603 100
Operating costs 6(4) and 7
Transportation costs ( 16,083,072) ( 79) ( 16,014,318) ( 83)
Other operating costs ( 1,712,682) ( 9) ( 1,193,025) ( 6)
Total operating costs ( 17,795,754) ( 88) ( 17,207,343) ( 89)
Gross profit 2,548,933 12 2,159,260 11
Operating expenses 6(18) and 7
Selling expenses ( 696,670) ( 3) ( 645,280) ( 3)
Operating expenses ( 770,317) ( 4) ( 795,859) ( 4)
General and administrative expenses ( 634,886) ( 3) ( 573,602) ( 3)
Other operating expenses ( 133,782) ( 1) ( 126,613) ( 1)
Total operating expenses ( 2,235,655) ( 11) ( 2,141,354) ( 11)
Operating income 313,278 1 17,906 -
Non-operating income and expenses
Other income 6(3)(16) 672,855 4 677,950 4
Other gains (losses) 6(17) 12,247 - 21,132 -
Finance costs ( 198) - ( 183) -
hare o pro o d ar e 6(6)
associates and joint ventures
accounted for under equity method 39,655 34,343 -
Total non-operating income and - 733,242 4
expenses 724,559 4 751,148 4
Profit before income tax 6(19) 1,037,837 5 ( 105,406) ( 1)
Income tax expense ( 195,247) ( 1) $ 645,742 3
Profit for the year $ 842,590 4
Other comprehensive income $ - -
e ed e e p a re ea re e 6(11) ($ 137,457)
Unrealised loss on valuation of 6(2)
ava a e- or- a e a a a e ( 9,509) - ( 5,319) -
Share of other comprehensive
o eo d ar e a o a e -
and joint ventures accounted for
under equity method 38 - 25 -

153
Income tax relating to the 6(19)
components of other
( 195,247) ( 1) ( 105,406) ( 1)
$ 842,590 4 $ 645,742 3
2O19 ($ 137,457) - $ - -
9,509 - ( 5,319) -
38 - 25 -
27,491 - - -
($ 100,419) - ($ 5,294) -
$ 742,171 4 $ 640,448 3
$10,000,000 $13,193 $ 1,326,957 $ 2,892,689 $90,853 $14,323,692
- - 145,345 ( 145,345) - -
- - - ( 955,000) - ( 955,000)
- - - 645,742 - 645,742
- - - - ( 5,294) ( 5,294)
$10,000,000 $13,193 $ 1,472,302 $ 2,438,086 $ 85,559 $14,009,140
$10,000,000 $13,193 $ 1,472,302 $ 2,438,086 $ 85,559 $14,009,140

- - - ( 1,936,418) - ( 1,936,418)
- - 64,574 ( 64,574) - -
- - - ( 436,000) - ( 436,000)
- - - 842,590 - 842,590
- - - ( 109,966) 9,547 ( 100,419)
$10,000,000 $13,193 $ 1,536,876 $ 733,718 $ 95,106 $12,378,893
154
Other comprehensive income $ - -
e ed e e p a re ea re e 6(11) ($ 137,457)
Unrealised loss on valuation of 6(2)
ava a e- or- a e a a a e ( 9,509) - ( 5,319) -

Appendix
Share of other comprehensive
o eo d ar e a o a e -
and joint ventures accounted for
under equity method 38 - 25 -
Income tax relating to the 6(19)
components of other
comprehensive income 27,491 - - -
Other comprehensive loss for the
year ($ 100,419) - ($ 5,294) -
Total comprehensive income for the
year $ 742,171 4 $ 640,448 3

Retained Earnings Other Equity
2018
Balance at January 1, 2018 $10,000,000 $13,193 $ 1,326,957 $ 2,892,689 $90,853 $14,323,692
Appropriations of
2017 earnings
Legal reserve - - 145,345 ( 145,345) - -
Cash dividends - - - ( 955,000) - ( 955,000)
Net income for 2018 - - - 645,742 - 645,742
Other comprehensive
loss for the year - - - - ( 5,294) ( 5,294)
Balance at December 31, 2018 $10,000,000 $13,193 $ 1,472,302 $ 2,438,086 $ 85,559 $14,009,140
2019
Balance at January 1, 2019 $10,000,000 $13,193 $ 1,472,302 $ 2,438,086 $ 85,559 $14,009,140
Adjustment of beginning
balance (Note) - - - ( 1,936,418) - ( 1,936,418)
Appropriations of
2018 earnings
Legal reserve - - 64,574 ( 64,574) - -
Cash dividends 6(14) - - - ( 436,000) - ( 436,000)
Net income for 2019 - - - 842,590 - 842,590
Other comprehensive
loss for the year - - - ( 109,966) 9,547 ( 100,419)
Balance at December 31, 2019 $10,000,000 $13,193 $ 1,536,876 $ 733,718 $ 95,106 $12,378,893
Note:Represents adjustment by the Department of Budget, Accounting and Statistics, Taipei City Government and the audit department in Taipei to the beginning balance of
distributable retained earnings for the year relative to the defined benefit plan of pensions. Please refer to Note 10. 155
2O19
$ 1,037,837 $ 751,148
( 95,124) 114,932
( 39,655) ( 34,343)
178 2,160
( 19,096) ( 31,645)
486,143 480,687
15,646 16,404
312 1,381
( 69,504) ( 71,295)
198 183
( 1,654) ( 503)
( 35,496) ( 35,553)
838 152
20,348 ( 12,956)
( 175,913) ( 152,656)
1,208 ( 4,042)
( 2,831) ( 361,311)
( 723) ( 51,716)
244,391 ( 284,503)
( 72,339) ( 4,780)
( 1,779) 13,682
16,474 45,832
( 2,228) 12,735
105,687 248,163
( 11,492) 34,069
51,312 ( 25,842)
( 31,446) ( 83,805)
156
Appendix

pre ed ho a d o ew a wa do ar
CASH FLOWS FROM OPERATING ACTIVITIES
ro e ore a $ 1,037,837 $ 751,148
Ad e
Ad e o re o e pro o
epo o prov o ( 95,124) 114,932
hare o pro o d ar e a o a e a d 6(6)
o ve re a o ed or der e y ( 39,655) ( 34,343)
o o d po a o proper y p a a d 6(17)
e p e 178 2,160
a o d po a o ve e 6(17) ( 19,096) ( 31,645)
epre a o 6(7)(18) 486,143 480,687
A or a o 6(18) 15,646 16,404
rov o or do a o 312 1,381
ere o e 6(16) ( 69,504) ( 71,295)
ere e pe e 198 183
o a ed a e re orded a o her o e 6(20) ( 1,654) ( 503)
e erred reve e re orded a o her opera g reve e ( 35,496) ( 35,553)
A or a o o he d- o- a r y a a a e 838 152
ha ge a e a d a e
A o re e va e 20,348 ( 12,956)
A o re e va e - re a ed par e ( 175,913) ( 152,656)
her re e va e 1,208 ( 4,042)
her re e va e - re a ed par e ( 2,831) ( 361,311)
ve or e ( 723) 51,716
repay e 244,391 ( 284,503)
o e paya e ( 72,339) ( 4,780)
o e paya e - re a ed par e ( 1,779) 13,682
A o paya e 16,474 45,832
A o paya e - re a ed par e ( 2,228) 12,735
her paya e 105,687 248,163
her paya e - re a ed par e ( 11,492) 34,069
her rre a e 51,312 ( 25,842)
her o - rre a e ( 31,446) ( 83,805)
(Continued) 157
2O19
1,421,292 566,578
70,036 70,512
( 198) ( 183)
( 166,110) ( 304,262)
1,325,020 332,645
($ 3,037,000) $ -
( 264,270) ( 281,667)
1,150 174
( 2,822) ( 6,772)
( 9,079,000) ( 8,124,000)
8,134,096 9,489,645
1,000,000 800,000
( 663,195) ( 550,000)
49,857 -
( 1,855) 75
( 306) 38
30,901 30,780
( 3,832,444) 1,358,273
( 436,000) ( 955,000)
42,285 125,803
( 393,715) ( 829,197)
( 2,901,139) 861,721
3,288,282 2,426,561
$ 387,143 $ 3,288,282
158
Appendix
a h ow ge era ed ro opera o 1,421,292 566,578
Receipt of interest 70,036 70,512
ay e o ere ( 198) ( 183)
ay e o o e a ( 166,110) ( 304,262)
e a h ow ro opera ga v e 1,325,020 332,645

pre ed ho a d o ew a wa do ar
CASH FLOWS FROM INVESTING ACTIVITIES
rea e o her rre a a a e ($ 3,037,000) $ -
A o o proper y p a a de p e 6(7)(20) ( 264,270) ( 281,667)
ro eed ro d po a o proper y p a a d
e p e 1,150 174
A o o a g ea e ( 2,822) ( 6,772)
A o o ava a e- or- a e a a a e -
current ( 9,079,000) ( 8,124,000)
ro eed ro d po a o ava a e- or- a e
a a a e - rre 8,134,096 9,489,645
ro eed ro d po a o he d- o- a r y
a a a e - rre 1,000,000 800,000
A o o he d- o- a r y a a a e -
o - rre ( 663,195) ( 550,000)
ro eed ro d po a o he d- o- a r y
a a a e - o - rre 49,857 -
rea e de rea e o her o - rre a e ( 1,855) 75
rea e de rea e re da e depo ( 306) 38
e e p o d v de d 30,901 30,780
e a h ow ed ro ve ga v e ( 3,832,444) 1,358,273
CASH FLOWS FROM FINANCING ACTIVITIES
ay e o a h d v de d 6(14) ( 436,000) ( 955,000)
rea e g ara ee depo re e ved 42,285 125,803
e a h ow ed a ga v e ( 393,715) ( 829,197)
e de rea e rea e a ha d a he va e ( 2,901,139) 861,721
a ha d a he va e a eg g o year 3,288,282 2,426,561
a ha d a he va e a e d o year $ 387,143 $ 3,288,282
The accompanying notes are an integral part of these financial statements. 159
2O19
Notes to the Financial Statements
160
Appendix
TAIPEI RAPID TRANSIT CORPORATION

NOTES TO THE FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2019 AND 2018
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)
1. HISTORY AND ORGANISATION

Taipei Rapid Transit Corporation (“the Company”) was incorporated in the Republic of China (“ROC”) as a company limited by
shares on July 27, 1994. The major business activities of the Company include the provision of public rapid transit services,
public rapid transit business consulting service, sales of general merchandise, advertising, and the leasing of signboards
and parking lots. Major operating properties of the Company are leased from the Taipei City Government. The Taipei City
Government is the Company’s major stockholder which owns 73.75% of outstanding shares.
2. THE DATE OF AUTHORISATION OF THE FINANCIAL STATEMENTS AND PROCEDURE FOR

AUTHORISATION
Taipei Rapid Transit Corporation (“the Company”) was incorporated in the Republic of China (“ROC”) as a company limited by
The financial statements have been approved for issuance by the Board of Directors on April 22, 2020.
3. CHANGES IN ACCOUNTING POLICIES

None.
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies
have been consistently applied to all reporting periods, unless otherwise stated.
(1) Compliance statement

The financial statements have been prepared in accordance with the requirements of “Business Entity Accounting Law”
relating to the preparation of financial statements, “Regulation on Business Entity Accounting Handling”, Enterprise
Accounting Standards (EAS) and its interpretations.
(2) Basis of preparation

Except for financial instruments at fair value, the financial statements have been prepared under the historical cost
convention.
(3) Foreign currency transactions

The functional currency of the Company is determined by the primary economic environment in which the Company
operates. The financial statements are presented in New Taiwan dollars, which is the Company’s functional currency.
A.Foreign currency transactions are translated into the functional currency using spot exchange rate at the dates of the
transactions.
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B. Monetary items denominated in foreign currencies are translated at the closing rate at the balance sheet date. Exchange
differences arising upon translation at the balance sheet date are recognised in profit or loss.
C. Non-monetary items denominated in foreign currencies held at fair value through profit or loss are translated at
closing rate at the balance sheet date; their translation differences are recognised in profit or loss. Non-monetary items
denominated in foreign currencies that are measured at cost are translated using the historical exchange rates at the dates
of the transactions.
D. All foreign exchange gains and losses are presented in the statement of comprehensive income within ‘other gains and
losses’.
(4) Criteria for classifying assets and liabilities as current or non-current items
convention.
A. Assets that meet one of the following criteria are classified as current assets; otherwise, they are classified as non-current
assets:
(1) Assets arising from operating activities that are expected to be realised or consumed, or are intended to be sold within
the normal operating cycle;
(2) Assets held mainly for trading purposes;
(3) Assets that are expected to be realised within twelve months from the balance sheet date;
(4) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used
to pay off liabilities more than twelve months after the balance sheet date.
B. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise, they are classified as non-
current liabilities:
(1) Liabilities arising from operating activities that are expected to be paid off within the normal operating cycle;
(2) Liabilities arising mainly from trading activities;
(3) Liabilities that are to be paid off within twelve months from the balance sheet date;
(4) Liabilities for which the repayment date cannot be extended unconditionally to more than twelve months after the
balance sheet date.
(5) Available-for-sale financial assets

convention.
A. Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of
the other categories.
B. On a regular way purchase or sale basis, available-for-sale financial assets are recognised and derecognised using trade
date accounting.
C. Available-for-sale financial assets are initially recognised at fair value plus transaction costs that are directly attributable to
the acquisition of the financial assets. These financial assets are subsequently remeasured and stated at fair value, and any
changes in the fair value of these financial assets are recognised in other comprehensive income.
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(6) Held-to-maturity financial assets

A. Held-to-maturity financial assets are non-derivative financial assets with fixed or determinable payments and fixed
maturity date that the Company has the positive intention and ability to hold to maturity other than those designated as at
fair value through profit or loss or as available-for-sale on initial recognition and those that meet the definition of loans and
receivables.
B. On a regular way purchase or sale basis, held-to-maturity financial assets are recognised and derecognised using trade
date accounting.
C. Financial assets are initially recognised at fair value plus transaction costs that are directly attributable to the acquisition
of the financial assets, and subsequently measured at amortised cost using the straight-line method, less impairment loss.
Amortised interest of assets is recognised in profit or loss.
(7) Accounts receivable

Accounts receivable are claims resulting from the sale of goods or services. Other receivables are those arising from
transactions other than the sale of goods or services. Accounts receivable and other receivables are recognised initially at
fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.
Interest amortised using the effective interest method is recognised in profit or loss. However, short-term accounts payable
without bearing interest are subsequently measured at transaction amount as the effect of discounting is immaterial.
(8) Impairment of financial assets

A. The Company assesses at each balance sheet date whether there is objective evidence that a financial asset or a group
of financial assets is impaired as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss
event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of
financial assets that can be reliably estimated.
B. The criteria that the Company uses to determine whether there is objective evidence of an impairment loss is as follows:
(a) Significant financial difficulty of the issuer or debtor;
(b) A breach of contract, such as a default or delinquency in interest or principal payments;
(c) For economic or legal reasons relating to the borrower’s financial difficulty, granted the borrower a concession that a
lender would not otherwise consider;
(d) It becomes probable that the borrower will enter bankruptcy or other financial reorganisation;
(e) The disappearance of an active market for that financial asset because of financial difficulties;
(f) Observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of
financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the
individual financial asset in the group, including adverse changes in the payment status of borrowers in the group or
national or local economic conditions that correlate with defaults on the assets in the group;
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(g) Information about significant changes with an adverse effect that have taken place in the technology, market, economic
or legal environment in which the issuer operates, and indicates that the cost of the investment in the equity instrument
may not be recovered;
(h) A significant or prolonged decline in the fair value of an investment in an equity instrument below its cost.
C. When the Company assesses that there has been objective evidence of impairment loss of financial assets, the amount of
impairment loss is determined as follows according to the category of financial assets:
(a) Financial assets measured at amortised cost
The amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present
value of estimated future cash flows discounted at the financial asset’s original effective interest rate, and is recognised in
profit or loss. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related
objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss
is reversed through profit or loss to the extent that the carrying amount of the asset does not exceed its amortised cost
that would have been at the date of reversal had the impairment loss not been recognised previously. Impairment loss
is recognised and reversed by adjusting the carrying amount of the asset through the use of an impairment allowance
account.
(b) Available-for-sale financial assets
The amount of the impairment loss is measured as the difference between the asset’s acquisition cost (less any principal
repayment and amortisation) and current fair value, less any impairment loss on that financial asset previously recognised
in profit or loss, and is reclassified from ‘other comprehensive income’ to ‘profit or loss’. If, in a subsequent period, the fair
value of an investment in a debt instrument increases, and the increase can be related objectively to an event occurring
after the impairment loss was recognised, then such impairment loss is reversed through profit or loss. Impairment loss of
an investment in an equity instrument recognised in profit or loss shall not be reversed through profit or loss. Impairment
loss is recognised and reversed by adjusting the carrying amount of the asset through the use of an impairment allowance
account.
(9) Derecognition of financial assets

The Company derecognises a financial asset when the rights to receive cash flows from the financial assets have expired or
have been settled.
(10) Inventories
Inventories include merchandise for sale and consumable and non-consumable materials and fuel for internal use.
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the moving average-method.
The item by item approach is used in applying the lower of cost and net realisable value. Allowance for obsolescence is
provided for slow-moving items of consumable, non-consumable materials and fuel for internal use.
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(11) Investments accounted for using equity method - Associates

A. Associates are all entities over which the Company has significant influence but no control or joint control. In general,
the Company has significant influence when it directly or indirectly holds 20 percent or more of the voting power of the
investee.
B. Investments in associates are initially recognised at cost. The Company’s share of its associate’s post-acquisition profits
or losses and other comprehensive income are recognised in profit or loss and other comprehensive income, respectively.
Where the Company’s share of losses in an associate equals or exceeds its interest in the associate, including any other
unsecured receivables, the Company does not recognise further losses, unless it has incurred legal or constructive
obligations or made payments on behalf of the associate.
C. Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary
(transactions with non-controlling interests) are accounted for as equity transactions, i.e. transactions with owners in their
capacity as owners. Any difference between the amount by which the non-controlling interests are adjusted and the fair
value of the consideration paid or received is recognised directly in capital surplus.
D. Unrealised gains on transactions between the Company and its subsidiaries are eliminated. Accounting policies of
subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Company.
E. When the Company ceases to account for its interest by using the equity method, all amounts previously recognised in
other comprehensive income in relation to the associate are accounted for on the same basis as would be required and all
capital surplus relating to the associate are reclassified to profit or loss.
(12) Property, plant and equipment

A. Property, plant and equipment are initially recorded at cost. Borrowing costs incurred during the construction period are
capitalised.
B. In case of replacement of one part of the property, plant and equipment, the new part is capitalised to the extent that it
is probable that future economic benefits associated with the item will flow to the Company, and the carrying amount of the
part replaced is derecognised. All other repairs and maintenance are charged to profit or loss when incurred.
C. Property, plant and equipment are measured at cost model subsequently. Land is not depreciated. Other property, plant
and equipment are depreciated using the straight-line method over their estimated useful lives. Each part of an item of
property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately,
unless it is impracticable. The estimated useful lives of property, plant and equipment are as follows:
Buildings and structure 30 years

Machinery and equipment 2 ~ 40 years
Transportation equipment 2 ~ 30 years
Leasehold assets 2 ~ 55 years
Other equipment 3 ~ 20 years
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(13) Intangible assets

A. Intangible assets are measured at cost less accumulated amortisation and accumulated impairment.
B. Intangible assets which have finite useful life are amortised on a straight-line basis over the estimated useful life of 4
years.
(14) Impairment of non-financial assets

A. The Company assesses at each balance sheet date the recoverable amounts of those assets where there is an indication
that they are impaired. The impairment loss on revalued assets is recognised in other comprehensive income to the extent
of amount of unrealised revaluation surplus; excess is recognised in profit or loss, if any.
B. Where the recoverable amount increases in subsequent period, the book value of the asset is adjusted to its recoverable
amount. The carrying amount after reversal should not exceed its book value (less depreciation or amortisation amount)
that would have been if the impairment had not been recognised. Reversal of impairment loss is recognised in profit or loss,
but gain on reversal of impairment loss on revalued assets is recognised in profit or loss to the extent of impairment loss
initially recognised in profit or loss; excess is recognised in other comprehensive income as unrealised revaluation surplus
of the asset.
(15) Notes and accounts payable

Notes and accounts payable from purchasing raw materials, goods or services on credit are initially recognised at fair value
less any transaction costs directly attributable to the issuance and subsequently measured at amortised cost using the
effective interest method. Interest amortised using the effective interest method is recognised in profit or loss. However,
short-term accounts payable without bearing interest are subsequently measured at transaction amount as the effect of
discounting is immaterial.
(16) Employee benefits

A. Short-term employee benefits
Short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid and are
recognised as expenses in the period in which the employees render service.
B. Pension
(A) Defined contribution plan
For defined contribution plan, the contributions are recognised as pension expenses when they are due on an accrual basis.
Prepaid contributions are recognised as an asset to the extent of a cash refund or a reduction in the future payments.
(B) Defined benefit plan
a. Net obligation under a defined benefit plan is defined as the present value of an amount of pension benefits that
employees will receive on retirement for their services with the Company in current period or prior periods. The liability
recognised in the balance sheets in respect of defined benefit pension plan is the present value of the defined benefit
obligation at the end of the financial reporting period less the fair value of plan assets. The net defined benefit obligation
is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined
benefit obligation is determined by discounting the estimated future cash flows using interest rates of government bonds
that have terms to maturity approximating to the terms of the related pension liability.
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b. Remeasurements arising on defined benefit plan are recognised in other comprehensive income in the period in which
they arise and are recorded as other equity.
c. Past service costs are recognised immediately in profit or loss.
C. Employees’ compensation and directors’ and supervisors’ remuneration
Employees’ compensation and directors’ and supervisors’ remuneration are recognised as expenses and liabilities, provided
that such recognition is required under legal or constructive obligation and those amounts can be reliably estimated.
(17) Income tax

A. The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the
extent that it relates to items recognised in other comprehensive income or items recognised directly in equity, in which
cases the tax is recognised in other comprehensive income or equity.
B.The current income tax liabilities are calculated based on the tax rate enacted at the balance sheet date. An additional
tax is levied on the unappropriated retained earnings and is recorded as income tax expense in the year the stockholders
resolve to retain the earnings.
C. Deferred tax is recognised, using the balance sheet liability method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the balance sheet. However, the deferred tax is not accounted
for if it arises from initial recognition of goodwill or of an asset or liability in a transaction other than a business combination
that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is provided on
temporary differences arising on investments in associates, except where the timing of the reversal of the temporary
difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable
future. Deferred tax is determined using tax rates (and laws) that have been enacted by the balance sheet date and are
expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
D. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised. At each balance sheet date, unrecognised and recognised deferred tax
assets are reassessed.
E. Current income tax assets and liabilities are offset or deferred tax assets and liabilities are offset and the net amount
reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an
intention to settle on a net basis or realise the asset and settle the liability simultaneously.
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(18) Share capital

A. The tax expense for the period comprises curreOrdinary shares are classified as equity. Where the Company repurchases
the Company’s shares that have been issued, the consideration paid, including any directly attributable incremental costs (net
of income taxes) is deducted from equity attributable to the Company’s equity holders.
(19) Dividends
Dividends are recorded in the Company’s financial statements in the period in which they are approved by the Company’s
shareholders. Cash dividends are recorded as liabilities.
(20) Revenue, cost and expense recognition

Fare revenues are recognised when service has been provided. Advertising revenues from stations and carriages are
recognised in accordance with the terms of the contracts. Rental revenues from Mass Rapid Transit (“MRT”) station shops,
underground shopping malls, and base for mobile phone facilities are accounted for in accordance with the terms of the
leases. Costs and expenses are recognised as incurred. In accordance with the financial statements examined by the ADTC,
revenues and costs (recorded as “Agency income” and “Agency expenses”) related to the Maokong Gondola, the Taipei
Arena, the Taipei Children’s Amusement Park and Taipei MRT Circular line Phase I (Circular I) commissioned by the Taipei
City Government are expressed at gross amount.
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$ 155,758 $ 266,510
231,385 384,772
- 2,637,000
$ 387,143 $ 3,288,282
$ 4,126,000 $ 3,162,000
4,126,000 3,162,000
95,030 85,522
$ 4,221,030 $ 3,247,522
176
Appendix
5. CRITICAL ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

The preparation of these financial statements did not require the management to make critical assumptions and estimates
concerning future events based on the conditions existing at the balance sheet date.
6. DETAILS OF SIGNIFICANT ACCOUNTS
(1) Cash and cash equivalents

Cash on hand $ 155,758 $ 266,510

Cash on hand $ 155,758 $ 266,510
Checking accounts and demand deposits 231,385 384,772

Checking accounts and demand deposits 231,385 384,772
Time deposits - 2,637,000

Time deposits - 2,637,000
$ 387,143 $ 3,288,282
$ 387,143 $ 3,288,282
(2) Available-for-sale financial assets Items

Current:
Current:
ene ciary certi cates $ 4,126,000 $ 3,162,000

ene ciary certi cates $ 4,126,000 $ 3,162,000
Adjustment for valuation of available-for-sale

Adjustment for valuation of available-for-sale
nancial assets 95,030 85,522

nancial assets 95,030 85,522
$ 4,221,030 $ 3,247,522
$ 4,221,030 $ 3,247,522
A. The Company recognised $28,604 and $26,326 in other comprehensive income for fair value changes and reclassified
$19,095 and $31,645 from equity to profit or loss for the years ended December 31, 2019 and 2018, respectively.
B. The fair value of open-end funds held by the Company are measured based on net value as of the balance sheet date.
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$ 350,099 $ 400,000
$ 609,963
350,099 $ 599,925
400,000
$ 960,062
609,963 $ 999,925
599,925
$ 350,099 $ 400,000
$ 960,062 $ 999,925
609,963 599,925
$ 759,423 $ 650,211
$ 960,062 $ 999,925
$ 1,052,816
759,423 $ 1,559,808
650,211
150,143
1,052,816 100,000
1,559,808
$ 759,423 $ 650,211
$ 1,962,382
150,143 $ 2,310,019
100,000
1,052,816 1,559,808
$ 1,962,382 $ 2,310,019
150,143 100,000
$ 1,962,382 $ 2,310,019
$ 2,430,570 $ $ 2,429,902
$ 85
2,430,570 $ $ 30
2,429,902
2,430,655
85 2,429,932
30
$ 2,430,570 $ $ 2,429,902
( 72,940)
2,430,655 ( 72,940)
2,429,932
85 30
$( 2,357,715
72,940) $( 2,356,992
72,940)
2,430,655 2,429,932
$ 2,357,715 $ 2,356,992
( 72,940) ( 72,940)
$ 2,357,715 $ 2,356,992
$ 16,083,072 $ 16,014,318
$ 1,712,682
16,083,072 $ 1,193,025
16,014,318
$ 17,795,754
1,712,682
16,083,072 $ 17,207,343
1,193,025
16,014,318
17,795,754
1,712,682 17,207,343
1,193,025
17,795,754 17,207,343
178
Appendix

(3) Held-to-maturity financial assets Items
Current:
December31,
December 31,2019
2019 December31,
December 31,2018
2018
Corporate bonds $ 350,099 $ 400,000
Current:
Current:
Financial bonds
Corporatebonds
Corporate bonds 609,963 599,925
$$ 350,099
350,099 $$ 400,000
400,000
Financialbonds
Financial bonds $ 960,062 $ 999,925
609,963
609,963 599,925
599,925
Non-current:
$$ 960,062
960,062 $$ 999,925
999,925
Corporate bonds $ 759,423 $ 650,211
Non-current:
Non-current:
Financial bonds 1,052,816 1,559,808
Corporatebonds
Corporate bonds $$ 759,423
759,423 $$ 650,211
650,211
ene ciary certi cates 150,143 100,000
Financialbonds
Financial bonds 1,052,816
1,052,816 1,559,808
1,559,808
$ 1,962,382 $ 2,310,019
ene ciary
ene ciarycerti
certi cates
cates 150,143
150,143 100,000
100,000
$$ 1,962,382
1,962,382 $$ 2,310,019
2,310,019
For the years ended December 31, 2019 and 2018, the Company recognised interest income (shown as “other income”) in
the amount of $47,849 and $56,067, respectively.
(4) Inventories December 31, 2019 December 31, 2018
Materials and fuel $ 2,430,570 $ $ 2,429,902

December31,
December 31,2019
2019 December31,
December 31,2018
2018
Merchandise 85 30
Materialsand
Materials andfuel
fuel $$ 2,430,570
2,430,570 $$ $$ 2,429,902
2,429,902
2,430,655 2,429,932
Merchandise
Merchandise 85
85 30
30
Less Allowance for inventory o solescence ( 72,940) ( 72,940)
2,430,655
2,430,655 2,429,932
2,429,932
$ 2,357,715 $ 2,356,992
Less Allowance
Less Allowancefor
forinventory
inventoryoo solescence
solescence (( 72,940)
72,940) (( 72,940)
72,940)
$$ 2,357,715
2,357,715 $$ 2,356,992
2,356,992
Details of operating costs for the years ended December 31, 2019 and 2018 were as follows:
Years ended December 31, 2019 Years ended December 31, 2018
Transportation costs $ 16,083,072 $ 16,014,318

Yearsended
Years endedDecember
December31,
31,2019
2019 Yearsended
Years endedDecember
December31,
31,2018
2018
Other operating costs 1,712,682 1,193,025

Transportationcosts
Transportation costs $$ 16,083,072
16,083,072 $$ 16,014,318
16,014,318
17,795,754 17,207,343
Otheroperating
Other operatingcosts
costs 1,712,682
1,712,682 1,193,025
1,193,025
17,795,754
17,795,754 17,207,343
17,207,343
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$ 3,037,000 $ -
$ 3,037,000 $ -
$ 449,473 $ 440,681
$ 449,473 $ 440,681
$ 438,257 $ 429,459 27.49% 27.49%

$ 438,257 $ 429,459 27.49% 27.49%
11,216 11,222 20.20% 20.20%
11,216 11,222 20.20% 20.20%
$ 449,473 $ 440,681
$ 449,473 $ 440,681
$ 39,238 $ 33,823
$ 39,238 $ 33,823
417 520
417 520
$ 39,655 $ 34,343
$ 39,655 $ 34,343
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(5) Other financial assets - current December 31, 2019 December 31, 2018
Current: December 31, 2019 December 31, 2018
Current:
Time deposits of more than
Current:
Time deposits of more than
$ 3,037,000 $ -
threedeposits
Time monthsoftomore
one year
than
$ 3,037,000 $ -
three months to one year
$ 3,037,000 $ -
three months to one year
(6) Investments accounted for using equity method December 31, 2019 December 31, 2018
Associates $ 31,449,473
December 2019 $
December 440,681
31, 2018
Associates $ 449,473 $ 440,681
Associates $ 449,473 $ 440,681
A. The carrying amount, nature and extent of the Company’s material associates are as follows:

Investments December 31, Ownership
Amount 2019 December 31,Ownership
Amount 2018
Investments December
Amount 31, 2019
Ownership December
Amount 31, 2018
Ownership
EasyCard Investment Holding Co , Ltd
Investments $ 438,257
Amount Ownership $ 429,459
Amount Ownership
EasyCard Investment Holding Co , Ltd $ 438,257 $ 429,459
Metro Taipei
EasyCard Consulting
Investment Service
Holding CoLtd
, Ltd $ 438,257 $ 429,459
Metro Taipei Consulting Service Ltd
(MTCS)Taipei Consulting Service Ltd
Metro 11,216 11,222
(MTCS) 11,216 11,222
(MTCS) $ 449,473
11,216 $ 440,681
11,222
$ 449,473 $ 440,681
$ 449,473 $ 440,681
B. The Company’s interests in material assoicates’ share of profit (loss) for the years ended December 31, 2019 and
2018 are as follows: Years ended December 31, 2019 Years ended December 31, 2018
Years ended December 31, 2019 Years ended December 31, 2018
Company name hare
Years ended o ro t31,
December or 2019
loss Years endedhare o ro 31,
December t or2018
loss
Company name hare o ro t or loss hare o ro t or loss
Company name hare o ro t or loss hare o ro t or loss

Metro Taipei
EasyCard Consulting
Investment Service
Holding CoLtd
, LtdMTCS $ 417
39,238 $ 520
33,823
Metro Taipei Consulting Service Ltd MTCS 417 520
Metro Taipei Consulting Service Ltd MTCS $ 39,655
417 $ 34,343
520
$ 39,655 $ 34,343
$ 39,655 $ 34,343
The investment income of investees accounted for using equity method was recognised based on the financial statements
audited by other independent accountants.
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$ 40,680 $ 1,418,938 $ 6,667,904 $ 2,789,691 $ 274,228 $ 156,620 $11,348,061
( 19,196) ( 1,129,028) ( 2,760,515) ( 2,298,605) ( 233,797) - ( 6,441,141)
$ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920
$ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920
- 93,602 5,510 43,461 23,273 100,078 265,924
- ( 338) ( 867) - ( 123) - ( 1,328)
- 106,128 - 12,899 1,470 ( 120,082) 415
( 1,312) ( 93,753) ( 260,484) ( 120,255) ( 10,339) - ( 486,143)
$ 20,172 $ 395,549 $ 3,651,548 $ 427,191 $ 54,712 $ 136,616 $ 4,685,788
$ 40,680 $ 1,597,004 $ 6,625,153 $ 2,846,051 $ 290,652 $ 136,616 $11,536,156
( 20,508) ( 1,201,455) ( 2,973,605) ( 2,418,860) ( 235,940) - ( 6,850,368)
$ 20,172 $ 395,549 $ 3,651,548 $ 427,191 $ 54,712 $ 136,616 $ 4,685,788
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(7) Property, plant and equipment
At anuary ,
Cost $ 40,680 $ 1,418,938 $ 6,667,904 $ 2,789,691 $ 274,228 $ 156,620 $11,348,061

At anuary ,
Accumulated
Cost $ 40,680 $ 1,418,938 $ 6,667,904 $ 2,789,691 $ 274,228 $ 156,620 $11,348,061
At anuary ,
depreciation ( 19,196) ( 1,129,028) ( 2,760,515) ( 2,298,605) ( 233,797) - ( 6,441,141)
Accumulated
Cost $ 40,680 $ 1,418,938 $ 6,667,904 $ 2,789,691 $ 274,228 $ 156,620 $11,348,061
$ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920
depreciation ( 19,196) ( 1,129,028) ( 2,760,515) ( 2,298,605) ( 233,797) - ( 6,441,141)
Accumulated
$ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920

depreciation ( 19,196) ( 1,129,028) ( 2,760,515) ( 2,298,605) ( 233,797) - ( 6,441,141)
2019
$ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920

Opening net book
2019
amount as at anuary $ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920
Opening net book
2019
Additions - 93,602 5,510 43,461 23,273 100,078 265,924
Opening net book
Disposals - ( 338) ( 867) - ( 123) - ( 1,328)
Additions - 93,602 5,510 43,461 23,273 100,078 265,924
Transfers (Note) - 106,128 - 12,899 1,470 ( 120,082) 415
Disposals - ( 338) ( 867) - ( 123) - ( 1,328)
Additions - 93,602 5,510 43,461 23,273 100,078 265,924
Depreciation charge ( 1,312) ( 93,753) ( 260,484) ( 120,255) ( 10,339) - ( 486,143)
Transfers (Note) - 106,128 - 12,899 1,470 ( 120,082) 415
Disposals - ( 338) ( 867) - ( 123) - ( 1,328)
Closing net book
Transfers (Note) - 106,128 - 12,899 1,470 ( 120,082) 415
amount $ 20,172 $ 395,549 $ 3,651,548 $ 427,191 $ 54,712 $ 136,616 $ 4,685,788
Closing net book
amount $ 20,172 $ 395,549 $ 3,651,548 $ 427,191 $ 54,712 $ 136,616 $ 4,685,788

Closing net book
amount $ 20,172 $ 395,549 $ 3,651,548 $ 427,191 $ 54,712 $ 136,616 $ 4,685,788

At December 31, 2019
Cost $ 40,680 $ 1,597,004 $ 6,625,153 $ 2,846,051 $ 290,652 $ 136,616 $11,536,156

Accumulated
Cost $ 40,680 $ 1,597,004 $ 6,625,153 $ 2,846,051 $ 290,652 $ 136,616 $11,536,156
depreciation ( 20,508) ( 1,201,455) ( 2,973,605) ( 2,418,860) ( 235,940) - ( 6,850,368)
Accumulated
Cost $ 40,680 $ 1,597,004 $ 6,625,153 $ 2,846,051 $ 290,652 $ 136,616 $11,536,156
$ 20,172 $ 395,549 $ 3,651,548 $ 427,191 $ 54,712 $ 136,616 $ 4,685,788
depreciation ( 20,508) ( 1,201,455) ( 2,973,605) ( 2,418,860) ( 235,940) - ( 6,850,368)
Accumulated
Note: Transferred from other non-current assets.
$ 20,172 $ 395,549 $ 3,651,548 $ 427,191 $ 54,712 $ 136,616 $ 4,685,788
depreciation ( 20,508) ( 1,201,455) ( 2,973,605) ( 2,418,860) ( 235,940) - ( 6,850,368)
$ 20,172 $ 395,549 $ 3,651,548 $ 427,191 $ 54,712 $ 136,616 $ 4,685,788

183
2O19
$ 40,680 $ 1,461,157 $ 6,638,908 $ 2,687,803 $ 271,244 $ 80,331 $11,180,123
( 17,884) ( 1,123,032) ( 2,526,854) ( 2,176,953) ( 227,522) - ( 6,072,245)
$ 22,796 $ 338,125 $ 4,112,054 $ 510,850 $ 43,722 $ 80,331 $ 5,107,878
$ 22,796 $ 338,125 $ 4,112,054 $ 510,850 $ 43,722 $ 80,331 $ 5,107,878
- 34,325 32,240 62,971 6,912 145,722 282,170
- ( 1,618) ( 634) - ( 82) - ( 2,334)
( 4) 4,732 24,044 38,889 1,665 ( 69,433) ( 107)
( 1,308) ( 85,654) ( 260,315) ( 121,624) ( 11,786) - ( 480,687)
$ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920
$ 40,680 $ 1,418,938 $ 6,667,904 $ 2,789,691 $ 274,228 $ 156,620 $11,348,061
( 19,196) ( 1,129,028) ( 2,760,515) ( 2,298,605) ( 233,797) - ( 6,441,141)
$ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920
184
Appendix
At anuary ,
Cost $ 40,680 $ 1,461,157 $ 6,638,908 $ 2,687,803 $ 271,244 $ 80,331 $11,180,123

At anuary ,
Accumulated
Cost $ 40,680 $ 1,461,157 $ 6,638,908 $ 2,687,803 $ 271,244 $ 80,331 $11,180,123
depreciation ( 17,884) ( 1,123,032) ( 2,526,854) ( 2,176,953) ( 227,522) - ( 6,072,245)

Accumulated
$ 22,796 $ 338,125 $ 4,112,054 $ 510,850 $ 43,722 $ 80,331 $ 5,107,878

depreciation ( 17,884) ( 1,123,032) ( 2,526,854) ( 2,176,953) ( 227,522) - ( 6,072,245)
2018
$ 22,796 $ 338,125 $ 4,112,054 $ 510,850 $ 43,722 $ 80,331 $ 5,107,878
Opening net book

2018

Opening net book
Additions - 34,325 32,240 62,971 6,912 145,722 282,170

Disposals - ( 1,618) ( 634) - ( 82) - ( 2,334)

Additions - 34,325 32,240 62,971 6,912 145,722 282,170
Transfers (Note) ( 4) 4,732 24,044 38,889 1,665 ( 69,433) ( 107)

Disposals - ( 1,618) ( 634) - ( 82) - ( 2,334)

Transfers (Note) ( 4) 4,732 24,044 38,889 1,665 ( 69,433) ( 107)
Closing net book

amount $ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920

Closing net book
amount $ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920
Cost $ 40,680 $ 1,418,938 $ 6,667,904 $ 2,789,691 $ 274,228 $ 156,620 $11,348,061

Accumulated
Cost $ 40,680 $ 1,418,938 $ 6,667,904 $ 2,789,691 $ 274,228 $ 156,620 $11,348,061
depreciation ( 19,196) ( 1,129,028) ( 2,760,515) ( 2,298,605) ( 233,797) - ( 6,441,141)

Accumulated
$ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920

depreciation ( 19,196) ( 1,129,028) ( 2,760,515) ( 2,298,605) ( 233,797) - ( 6,441,141)
$ 21,484 $ 289,910 $ 3,907,389 $ 491,086 $ 40,431 $ 156,620 $ 4,906,920

Note: Transfer to other operating costs.
185
2O19
$ 1,675,610 $ 1,487,123
244,158 216,338
150,427 312,815
109,978 105,150
408,994 362,054
$ 2,589,167 $ 2,483,480
$ 280,754 $ 439,772
483,461 273,131
$ 764,215 $ 712,903
$ 2,476,484 $ 497,734
784,381 742,096
65,951 97,396
62,503 97,999
$ 3,389,319 $ 1,435,225
186
Appendix
(8) Other payables
Accrued salary and onus $ 1,675,610 $ 1,487,123
Accrued repairs and maintenance expenses 244,158 216,338
Accrued utilities expenses 150,427 312,815
Accrued sales tax 109,978 105,150
Others 408,994 362,054
$ 2,589,167 $ 2,483,480
(9) Other current liabilities
Accrued receipts under custody $ 280,754 $ 439,772
Unearned receipts 483,461 273,131
$ 764,215 $ 712,903
(10) Other non-current liabilities
Accrued pension liabilities (Note) $ 2,476,484 $ 497,734
Guarantee deposits received 784,381 742,096
Temporary credit 65,951 97,396
Deferred su sidy revenue 62,503 97,999
$ 3,389,319 $ 1,435,225
Note: The Company recognises the related pension cost and accrued pension liability based on the net defined benefit obligation of
its defined benefit plan. This however is not in accordance with the accounting principles adopted by the Audit Department in Taipei.
Accordingly, the Audit Department in Taipei reduced the pension cost and accrued pension liability by $1,936,418 as of and for the year
ended December 31, 2018. Please refer to Note 10 for details.
187
2O19
$ 6,185,635 $ 5,691,555
$( 3,709,151)
6,185,635 $( 3,257,403)
5,691,555
($ 3,709,151)
2,476,484 ($ 3,257,403)
2,434,152
$ 2,476,484 $ 2,434,152
$ 5,691,555 ($ 3,257,403) $ 2,434,152
$ 5,691,555
300,412 ($ 3,257,403)- $ 2,434,152
300,412
300,412
85,373 ( -
50,492) 300,412
34,881
85,373
6,077,340 ( ( 3,307,895)
50,492) 34,881
2,769,445
6,077,340 ( 3,307,895) 2,769,445
- ( 94,410) ( 94,410)
163,962- ( 94,410)- ( 94,410)

163,962
188 163,962
67,905 -- 163,962
67,905
67,905
231,867 ( -
94,410) 67,905
137,457
Appendix
(11) Pension plan
A. Defined benefit plan

(a) The Company has a non-contributory and funded defined benefit pension plan in accordance with the Labor Standards
Law, covering all regular employees. Under the defined benefit plan, two units are accrued for each year of service for the
first 15 years and two unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based
on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The
Company contributes monthly an amount equal to 14.92% and 15% in 2019 and 2018, respectively, of the employees’
monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee. Also, the Company would
assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account
balance is not enough to pay the pension calculated by the aforementioned method to the employees expected to qualify
for retirement in the following year, the Company will make contribution for the deficit by next March.
(b) Amount recognised in the balance sheet:

De ned ene t o ligation $ 6,185,635 $ 5,691,555

Fair value of plan assets ( 3,709,151) ( 3,257,403)
De ned ene t o ligation $ 6,185,635 $ 5,691,555
Net de ned ene t lia ilities shown as other
Fair value of plan assets ( 3,709,151) ( 3,257,403)
non-current lia ilities Note $ 2,476,484 $ 2,434,152
Net de ned ene t lia ilities shown as other
Note: The Company recognises the related pension cost and accrued pension liability based on the net defined benefit obligation of
itsnon-current lia ilities
defined benefit plan. Note $ 2,476,484
This however is not in accordance with the accounting principles adopted $ 2,434,152
by the Audit Department in Taipei.
Accordingly, the Audit Department in Taipei reduced the pension cost and accrued pension liability by $1,936,418 as of and for the year
ended December 31, 2018. Please refer to Note 10 for details.
De ned ene t air alue o et De ned
O ligation lan Assets ene t O ligation
(c) Changes in net defined benefit liabilities:
2019 De ned ene t air alue o et De ned
alance at anuary $ 5,691,555 ($ 3,257,403) $ 2,434,152
2019
Service cost 300,412 - 300,412
alance at anuary $ 5,691,555 ($ 3,257,403) $ 2,434,152
Interest cost (income) 85,373 ( 50,492) 34,881
Service cost 300,412 - 300,412
6,077,340 ( 3,307,895) 2,769,445
6,077,340
De ned ene t ( air3,307,895)
alue o 2,769,445
et De ned
Remeasurements: De ned ene t air alue o et De ned
Return on plan assets
Remeasurements:
(excluding amounts included 189
in interest cost or income) - ( 94,410) ( 94,410)
(excluding amounts included
2O19 $ 5,691,555 ($ 3,257,403) $ 2,434,152
300,412 - 300,412
85,373 ( 50,492) 34,881
6,077,340 ( 3,307,895) 2,769,445
- ( 94,410) ( 94,410)
163,962 - 163,962
67,905 - 67,905
231,867 ( 94,410) 137,457
- ( 430,418) ( 430,418)
( 123,572) 123,572 -
$ 6,185,635 ($ 3,709,151) $ 2,476,484
$ 5,161,400 ($ 3,023,299) $ 2,138,101
296,164 - 296,164
90,324 ( 54,145) 36,179
5,547,888 ( 3,077,444) 2,470,444
- ( 67,369) ( 67,369)
173,293 - 173,293
75,194 - 75,194
248,487 ( 67,369) 181,118
- ( 217,410) ( 217,410)
( 104,820) 104,820 -
$ 5,691,555 ($ 3,257,403) $ 2,434,152
190
Service cost 300,412 - 300,412
6,077,340 ( 3,307,895) 2,769,445

Appendix

Remeasurements:
Change in nancial assumptions 163,962 - 163,962
Experience adjustments 67,905 - 67,905
231,867 ( 94,410) 137,457
Pension fund contribution - ( 430,418) ( 430,418)
Paid pension ( 123,572) 123,572 -
Balance at December 31 $ 6,185,635 ($ 3,709,151) $ 2,476,484

2018
alance at anuary $ 5,161,400 ($ 3,023,299) $ 2,138,101
Service cost 296,164 - 296,164
5,547,888 ( 3,077,444) 2,470,444
Remeasurements:
Change in nancial
assumptions 173,293 - 173,293
Experience adjustments 75,194 - 75,194
248,487 ( 67,369) 181,118
Pension fund contribution - ( 217,410) ( 217,410)
Paid pension ( 104,820) 104,820 -
Balance at December 31 $ 5,691,555 ($ 3,257,403) $ 2,434,152
191
2O19
1.25%
1.25% 1.50%
1.50%
1.49%
1.49% 1.49%
1.49%
($ 163,962)
($ 163,962) $$ 170,508
170,508 $$ 716,620
716,620 ($ 625,084)
($ 625,084)
($ 173,293)
($ 173,293) $$ 180,957
180,957 $$ 765,830
765,830 ($ 656,886)
($ 656,886)
192
Appendix
(d) The Bank of Taiwan was commissioned to manage the Fund of the Company’s defined benefit pension plan in
accordance with the Fund’s annual investment and utilisation plan and the “Regulations for Revenues, Expenditures,
Safeguard and Utilisation of the Labor Retirement Fund” (Article 6: The scope of utilisation for the Fund includes deposit in
domestic or foreign financial institutions, investment in domestic or foreign listed, over-the-counter, or private placement
equity securities, investment in domestic or foreign real estate securitization products, etc.). With regard to the utilisation
of the Fund, its minimum earnings in the annual distributions on the final financial statements shall be no less than the
earnings attainable from the amounts accrued from two-year time deposits with the interest rates offered by local banks.
If the earnings is less than aforementioned rates, government shall make payment for the deficit after being authorized by
the Regulator. The Company has no right to participate in managing and operating that fund and hence the Company is
unable to disclose the classification of plan assets fair value in accordance with IAS 19 paragraph 142. The composition of
fair value of plan assets as of December 31, 2019 and 2018 is given in the Annual Labor Retirement Fund Utilisation Report
announced by the government.
Actuarial measurement date

(e) Related actuarial assumptions used to calculate the net periodic pension cost and pension obligation on the
Actuarial measurement
December 31, 2019 date December 31, 2019
measurement dates as of December 31, 2019 and 2018 are as follows:
Actuarial measurement date
Discount rate December 31, 2019 December 31, 2019
Discount rate
Future salary
Discount rate increase rate
Future salary increase rate
Future salary increase rate
For the years ended December 31, 2019 and 2018, assumptions regarding future mortality experience are set based on
actuarial advice in accordance with published statistics and experience in Taiwan.
The present value of the defined benefit obligation as a result of the change in the principal actuarial assumptions used is
as follows:
Discount ate uture alar ncrease ate
Discount ate uture alar ncrease ate
December 31, 2019 ncrease Decrease
Discount ate ncrease
uture alar Decrease
ncrease ate
December 31, 2019 ncrease Decrease ncrease Decrease
Effect of the31,
December present
2019 value of ncrease Decrease ncrease Decrease
Effect of the present value of
de ned
Effect enepresent
of the t o ligation
value of ($ 163,962) $ 170,508 $ 716,620 ($ 625,084)
de ned ene t o ligation ($ 163,962) $ 170,508 $ 716,620 ($ 625,084)
December 31, 2018

December 31, 2018
Effect of the31,
December present
2018 value of
Effect of the present value of
de ned
Effect ene
of the t o ligation
present value of ($ 173,293) $ 180,957 $ 765,830 ($ 656,886)
The sensitivity analysis above was based on one assumption which changed while the other conditions remain unchanged.
In practice, more than one assumption may change all at once. The method of analysing sensitivity and the method of
calculating net pension liability in the balance sheet are the same.
(f) The provision for the retirement plan is expected to be $348,586 for the year ending December 31, 2020.
(g) As of December 31, 2019, the weighted average duration of the retirement plan was 12.3 years.
B. Defined contribution plan
(a) Effective July 1, 2005, the Company established a defined contribution pension plan (the “New Plan”) under the Labor
Pension Act. Participants under the old plan have the option to be covered under the New Plan. Under the New Plan, the
Company contributes monthly an amount based on 6% of the employees’ monthly salaries and wages to the employees’
individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are portable upon termination of
employment.
193
2O19
$
$ 16,783,342
16,783,342 $
$ 16,486,824
16,486,824
1,455,452
1,455,452 937,347
937,347
2,105,893
2,105,893 1,942,432
1,942,432
$
$ 20,344,687
20,344,687 $
$ 19,366,603
19,366,603
$
$ 506,583
506,583 $
$ 509,102
509,102
52,856
52,856 55,039
55,039
69,504
69,504 71,295
71,295
43,912
43,912 42,514
42,514
$
$ 672,855
672,855 $
$ 677,950
677,950
194
$
$ 19,096
19,096 $
$ 31,645
31,645
(( 178)
178) (( 2,160)
2,160)
Appendix
(b) The net pension cost recognised under the defined contribution plan for the years ended December 31, 2019 and 2018
amounted to $146,082 and $131,311, respectively.
(12) Share capital

As of December 31, 2019, the Company’s authorised and paid-in capital was $10,000,000, consisting of 1 billion shares of
ordinary share, with a par value of $10 (in dollars) per share. All proceeds from shares issued have been collected.
(13) Capital surplus

Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of
common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders
in proportion to their share ownership, provided that the Company has no accumulated deficit. However, capital surplus
should not be used to cover accumulated deficit unless the legal reserve is insufficient.
(14) Retained earnings

A. Under the Company’s Articles of Incorporation, the current year’s earnings, if any, shall first be used to offset prior years’
operating losses and then 10% of the remaining amount shall be set aside as legal reserve. Appropriation of the remainder
shall be proposed by the Board of Directors and resolved by the stockholders.
B. Except for covering accumulated deficit or issuing new stocks or distributing cash to shareholders in proportion to
their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance
of stocks or distribution of cash to shareholders in proportion to their share ownership is permitted, provided that the
distribution of the reserve is limited to the portion in excess of 25% of the Company’s paid-in capital.
C. As resolved at the stockholders’ meeting held in 2019 and 2018, the Company distributed $0.436 (in dollars) and $0.955 (in
dollars) cash dividends per share, respectively.
D. As of April 22, 2020, the distribution of retained earnings for the year ended December 31, 2019 has not yet been
resolved by the Board of Directors.
E. Please refer to Note 6(18) for employees’ compensation.
(15) Operating revenue Year ended December 31, 2019 Year ended December 31, 2018
Year ended December 31, 2019 Year ended December 31, 2018
Transportation income $ 16,783,342 $ 16,486,824
Transportation income $ 16,783,342 $ 16,486,824
Agency income 1,455,452 937,347
Agency income 1,455,452 937,347
Others 2,105,893 1,942,432
Others 2,105,893 1,942,432
$ 20,344,687 $ 19,366,603
$ 20,344,687 $ 19,366,603
(16) Other income

Leasehold income $ 506,583 $ 509,102
Compensation income 52,856 55,039
Interest income 69,504 71,295
Others 43,912 42,514
Others 43,912 42,514
$ 672,855 $ 677,950
$ 672,855 $ 677,950
195
$ 506,583 $ 509,102
52,856 55,039
2O19
69,504 71,295
43,912 42,514
$ 672,855 $ 677,950
$ 19,096 $ 31,645
( 178) ( 2,160)
716 424
( 7,387) ( 8,777)
$ 12,247 $ 21,132
$ 486,143 $ 480,687
$ 486,143 $ 480,687
15,646 16,404
15,646 16,404
6,882,162 6,415,359
6,882,162 6,415,359
$ 7,383,951 $ 6,912,450
$ 7,383,951 $ 6,912,450
$ 199,744 $ 150,226
$ 199,744 $ 150,226
( 11,740) ( 13,192)
( 11,740) ( 13,192)
7,258 35,310
7,258 35,310
1 -
1 -
195,263 172,344
196 195,263 172,344
( 16) 3

Appendix
Others 43,912 42,514
$ 672,855 $ 677,950
(17) Other gains (losses)

Gain on disposal of investment $ 19,096 $ 31,645
Loss on disposal of property,
plant and equipment ( 178) ( 2,160)
Net currency exchange gain 716 424
Other losses ( 7,387) ( 8,777)
$ 12,247 $ 21,132
(18) Expenses by nature

Depreciation charges on Year ended December 31, 2019 Year ended December 31, 2018
Depreciation charges
property, plant and eonuipment $ 486,143 $ 480,687
property, plant
Amortisation and eonuipment
charges $ 486,143 $ 480,687
Amortisation charges on
intangible assets 15,646 16,404
intangible assets
Employee ene t expenses 15,646
6,882,162 16,404
6,415,359
Employee ene t expenses $ 6,882,162

7,383,951 $ 6,415,359
6,912,450
A. The Company has approved the amended Articles of Incorporation in$2019.7,383,951 $

According to the amended articles, 6,912,450
a ratio of
profit of the current year distributable, after covering accumulated losses, shall be distributed as employees’ compensation.
The ratio shall not be lower than 0.1% and shall not be higher than 7%.
B. For the year ended December 31, 2019, employees’ compensation was accrued at $78,134. The aforementioned amount
was recognised in salary expenses and has not yet been approved by the Board of Directors as of April 22, 2020.
(19) Income
A Income tax
tax expense
(a) Components
A Income of income tax expense:
tax expense
(a) Components of income tax expense: Year ended December 31, 2019 Year ended December 31, 2018
Current tax on pro ts for the year Year ended December

$ 31, 2019
199,744 Year ended December
$ 31, 2018
150,226
Tax effect
Current taxof
onpermanent differences
pro ts for the year $( 199,744
11,740) $( 150,226
13,192)
Tax on undistributed
effect surplus
of permanent earnings
differences ( 11,740)
7,258 ( 13,192)
35,310
Prior
Tax onyear income tax surplus
undistributed underestimation
earnings
7,258
1 35,310-
Total
Priorcurrent tax tax underestimation
year income
1
195,263 172,344-
Deferred tax: tax
Total current 197
195,263 172,344
Origination
Deferred tax:and reversal of temporary
( 16) 3
differences
Origination and reversal of temporary
2O19 $ 199,744 $ 150,226
( 11,740) ( 13,192)
7,258 35,310
1 -
195,263 172,344
( 16) 3
- ( 66,941)
( 16) ( 66,938)
$ 195,247 $ 105,406
$ 27,491 $ -
$ 27,491 $ -
$ 207,567 $ 150,229
10 6
( 11,750) ( 13,198)
$ 207,567 $ 150,229
( 7,839) -
10 6
1 -
( 11,750) ( 13,198)
7,258 35,310
( 7,839) -
- ( 66,941)
1 -
$ 195,247 $ 105,406
7,258 35,310
- ( 66,941)
$ 195,247 $ 105,406
198
(a) Components of income tax expense:
Current tax on pro ts for the year $ 199,744 $ 150,226

Appendix
Tax effect of permanent differences ( 11,740) ( 13,192)
Tax on undistributed surplus earnings

7,258 35,310
Prior year income tax underestimation

1 -
Total current tax
195,263 172,344
Deferred tax:
Origination and reversal of temporary

( 16) 3
differences
- ( 66,941)
Impact of change in tax rate
( 16) ( 66,938)
Total deferred tax
Income tax expense $ 195,247 $ 105,406

(b) The income tax charge relating to components of other comprehensive income is as follows:
Remeasurement of de ned ene t
obligations (Note) $ 27,491 $ -
Remeasurement of de ned ene t
obligations (Note) $ 27,491 $ -
Note: Due to the difference in the accounting treatment of the Company’s defined benefit plan, the Audit Department in Taipei decreased
the related effect on income tax by $36,224 as of December 31, 2018. Please refer to Note 10 for details.
B. Reconciliation between income tax expense and accounting profit
Income tax calculated y tax regulation $ 207,567 $ 150,229

Expenses disallowed y tax regulation 10 6
Income tax calculated y tax regulation $ 207,567 $ 150,229
Tax exempt income y tax regulation ( 11,750) ( 13,198)
Expenses disallowed y tax regulation 10 6
Impact of investment tax credit ( 7,839) -
Tax exempt income y tax regulation ( 11,750) ( 13,198)
Prior year income tax underestimation 1 -
Impact of investment tax credit ( 7,839) -
Tax on undistributed earnings 7,258 35,310
Prior year income tax underestimation 1 -
Impact of change in tax rate - ( 66,941)
Tax on undistributed earnings 7,258 35,310
$ 195,247 $ 105,406
Impact of change in tax rate - ( 66,941)
$ 195,247 $ 105,406
199
2O19
$
$ 9
9 $
$ --
495,407
495,407 467,916
467,916
14,588
14,588 14,588
14,588
510,004
510,004 482,504
482,504
-- (( 7)
7)
$
$ 510,004
510,004 $
$ 482,497
482,497
$
$ 265,924
265,924 $
$ 282,170
282,170
(( 1,654)
1,654) (( 503)
503)
$
$ 264,270
264,270 $
$ 281,667
281,667
200
Appendix
C. Amounts of deferred tax assets or liabilities as a result of temporary differences are as follows:
Deferred tax assets:
Temporary differences
Unrealised exchange loss $ 9 $ -

Accrued pension liabilities 495,407 467,916
Deferred tax assets:

Loss on inventory 14,588 14,588
510,004 482,504
Unrealised exchange loss $ 9 $ -

Deferred tax liabilities:
Accrued pension liabilities 495,407 467,916

Loss on inventory 14,588 14,588

Unrealised exchange gain - ( 7)
510,004 482,504
$ 510,004 $ 482,497
Deferred tax liabilities:
The difference between the movement of deferred tax assets from prior year and the amount recognised this year pertains
toUnrealised
deferredexchange
tax assets on accrued pension liabilities of $27,491 which was recognised in other comprehensive income.
gain - ( 7)
D. The Company’s income tax returns through 2018 have been approved by the Tax Authority.
$ President
E. Under the amendments to the Income Tax Act which was promulgated by the 510,004 of the Republic
$ of482,497
China
on February 7, 2018, the Company’s applicable income tax rate was raised from 17% to 20% effective from January 1,
2018. The Company has assessed the impact of the change in income tax rate.
Ac uisition of property, plant and e uipment $ 265,924 $ 282,170

(20) Supplemental cash flow information
Less: Donated assets ( 1,654) ( 503)
Investing activities with partial cash payments:

Cash paid during the year $ 264,270 $ 281,667
Ac uisition of property, plant and e uipment $ 265,924 $ 282,170
Less: Donated assets ( 1,654) ( 503)
Cash paid during the year $ 264,270 $ 281,667
201
2O19
$ 942,042 $ 890,815
513,410 46,532
$ 942,042 $ 890,815
513,410 46,532
5,382 3,111
201 200
5,382 3,111
87,078 95,347
201 200
$ 1,548,113 $ 1,036,005
87,078 95,347
$ 1,548,113 $ 1,036,005
202
Appendix
7. RELATED PARTY TRANSACTIONS
(1) Names and relationship of related parties
Names of related parties Relationship
Taipei City Government TCG Ma ority stoc holder of the Company for
Ministry of Transportation Communication Stoc holder of the Company for
(MOC) Stoc holder of the Company for
New Taipei City Government NTCG Investee accounted for under the e uity method of
EasyCard Investment Holding Co , Ltd the Company
EasyCard Corporation Investee of EasyCard Investment Holding Co , Ltd
Metro Taipei Consulting Service Ltd Investee accounted for under the e uity method of
(MTCS) the Company
Metropolitan Transport Corporation (MTC) Investee of TCG
(2) Summary of significant transactions and balances with related parties
Agency income
TCG (refer to (a)) $ 942,042 $ 890,815
NTCG (refer to (b)) 513,410 46,532
Electronic ticket service revenue
TCG 5,382 3,111
NTCG 201 200
Associates 87,078 95,347
$ 1,548,113 $ 1,036,005
(a) TCG entered into a management contract with the Company and appointed the Company to operate the Maokong
Gondola, Taipei Arena and Taipei Children’s Amusement Park. Of the current year’s earnings after taxes (excluding the
earnings for payment to TCG according to the contract), if any, less the amount of revenue reduction or expense increase
caused by the factor of excess public welfare days approved by TCG or other factors, 20% of the remaining amount shall be
set aside as the Company’s performance bonus for management efficiency. Then the remaining amount shall be returned
to TCG. Losses, if any, shall be reimbursed to the Company by TCG.
203
2O19
$ 854,769 $ 817,686
$ 854,769 $ 817,686
513,401 46,532
513,401 46,532
103,461 119,017
103,461 119,017
$ 1,471,631 $ 983,235
$ 1,471,631 $ 983,235
$ 320,323 $ 231,720
$ 320,323 $ 231,720
220,675 132,176
220,675 132,176
11,253 12,442
11,253 12,442
552,251 376,338
552,251 376,338
62,271 404,143
62,271 404,143
388,255 44,356
388,255 44,356
804 -
804 -
451,330 448,499
451,330 448,499
$ 1,003,581 $ 824,837
204 $ 1,003,581 $ 824,837

$ 136,616 $ 4,685,788
$ 136,616 $ 4,685,788
Appendix
(b) TCG entered into a management contract agreed by NTCG with the Company and appointed the Company to operate
the Taipei MRT Circular line Phase I (Circular I). Of the current year’s earnings after taxes and operating expenses, if any, less
the amount of revenue reduction or expense and the remaining amount shall be returned to TCG. Losses plus operating
expenses, if any, shall be reimbursed to the Company by NTCG. Business tax shall be levied on operating expenses, deficit
offset and earnings return if NTCG and the Company have an obligation to pay business tax.
(c) The Company signed an “EasyCard Business Services Agreement” with associates. The handling charges and rental
revenue are due in the following month.
B. Other operating costs and operating expenses
Agency expenses shown as other operating costs

Agency expenses shown as other operating costs
TCG $ 854,769 $ 817,686
TCG $ 854,769 $ 817,686
NTCG 513,401 46,532

NTCG 513,401 46,532
Handling charges shown as other operating costs and operating expenses

Handling charges shown as other operating costs and operating expenses
Associates
Associates
103,461 119,017
103,461 119,017
$ 1,471,631 $ 983,235
$ 1,471,631 $ 983,235
Please refer to Note 7(2)A for agency expenses and handling charges.
C. Receivables from related parties

Accounts receivable
Accounts receivable
TCG $ 320,323 $ 231,720

TCG $ 320,323 $ 231,720
NTCG 220,675 132,176

NTCG 220,675 132,176

552,251 376,338
552,251 376,338
Other receivables
Other receivables
TCG
TCG 62,271 404,143
62,271 404,143
NTCG
NTCG 388,255 44,356
388,255 44,356
MOC
MOC 804 -
804 -
451,330 448,499
451,330 448,499
$ 1,003,581 $ 824,837
$ 1,003,581 $ 824,837
205
2O19
$ 11,903 $ 13,682
$ 11,903 $ 13,682
10,507 12,735
10,507 12,735
586,951 606,169
17,813 10,087
586,951 606,169
604,764 616,256
17,813 10,087
$ 627,174 $ 642,673
604,764 616,256
$ 627,174 $ 642,673
$ 5,841,189 $ 6,079,894
$ 5,841,189 $ 6,079,894
206
Appendix
(a) The Company was engaged to handle certain business activities for the Department of Transportation, TCG, Department
of Social Welfare, TCG, Department of Education, TCG, Department of Transportaion, NTCG, and Department of Social
Welfare, NTCG. The related account balances (subsidies for tickets for all pass, senior, charity and escort, etc.) are shown as
accounts receivable.
(b) Other receivables pertain to receivables arising from agency income (see Note 7(2)A.(a) and (b)), the Company was
engaged to handle certain business activities for the Department of Transportation, TCG, Department of Finance, TCG,
Department of Education, TCG, Department of Rapid Transit Systems, TCG, etc., and amortisation of utilities expense with
Department of Information and Tourism, TCG, Department of Rapid Transit Systems, NTCG, and Department of Information,
NTCG, etc.

D. Payables to related parties
Notes paya le December 31, 2019 December 31, 2018
Associates
Notes paya le(Note a) $ 11,903 $ 13,682
Accounts paya(Note
Associates le a) $ 11,903 $ 13,682
Associates
Accounts paya(Note
le a) 10,507 12,735
Other paya les

Associates (Note a) 10,507 12,735
TCGpaya
Other (Noteles
b) 586,951 606,169
Associates (Note a)
TCG (Note b) 17,813
586,951 10,087
606,169
Associates (Note a) 604,764

17,813 616,256
10,087
$ 627,174
604,764 $ 642,673
616,256
$ 627,174 $ 642,673
Note a: These are payables described in Note 7(2)B.

Note b: These are payables described in Note 7(2)A. and E.
E. Rental expenses (recorded as “transportation costs”)
TCG $
Year ended December 5,841,189
31, 2019 $
Year ended December 6,079,894
31, 2018
TCG $ 5,841,189 $ 6,079,894
207
2O19
$ 3,750,000 2% 50%
4,000,000 2% 50%
$ 3,750,000 2% 50%
4,000,000 2% 50%
$ 3,750,000 2% 50%
4,000,000 2% 50%
$ 4,000,000 15% $ 1100,000
4,000,000 15% 1100,000

$ 4,000,000 15% $ 1100,000
4,000,000 15% 1100,000
$ 4,000,000 15% $ 1100,000
4,000,000 15% 1100,000
$ 125,726 $ 332,247
9,224 4,027
$ 125,726 $ 332,247
$ 134,950 $ 336,274
9,224 4,027
$ 134,950 $ 336,274
$ 125,726 $ 332,
9,224 4,
$ 134,950 $ 336,
$ 39,722 $ 54,350
19,403 33,019
$ 39,722 $ 54,350
208 $ 59,125 $ 87,369
19,403 33,019
$ 59,125 $ 87,369
Appendix
The Company entered into an agreement with TCG to lease properties of TMRTS in August 2011. The lease term is from
January 2011 to December 2015. The lease term has been renewed up to December 31, 2021 starting from 2016. Rental
is charged based on the replacement fee plus 2% of operating revenue and 50% of operating profit, which is deposited
into the replacement fund account. Starting from 2018, the rental is calculated based on the assessed replacement
appropriation plus 2% of operating income and 50% of operating profit and profit surplus which is deposited to the
replacement fund account of Mass Rapid Transit Bureau, Taipei City. Replacement fee is contributed according to the
replacement plan that was authorised by the Replacement Fund Management Commission.
The contribution of replacement fee and percentage of operating revenue set for the following years are as follows:
ercentage o ercentage o
Annual contri uted o erating revenue o erating income
Year Annual contri uted o erating revenue o erating income
amount (Note) (Note)
Year amount (Note) (Note)
Annual contri uted o erating revenue o erating income
Year2018 $
amount3,750,000 (Note) (Note)
2018 $ 3,750,000
2019 4,000,000
2019 4,000,000
2018 $ 3,750,000
Note: For the portion of 2% of operating revenue and 50% of operating income, the maximum payable should not
2019
exceed 4% of operating revenue. 4,000,000
Starting from 2020, the rental is calculated based on the assessed replacement
ercentage o appropriation, 15%n of replacement
ection o
ercentage
re o
lacement n ection o
appropriation and injection of self-liquidating appropriation,
Annual contri uted which is deposited to the replacement sel fund account of
li uidating
Annual contri uted re lacement
appropriation sel li appropriation
uidating
MassYear
Rapid Transit Bureau, Taipei City. amount
appropriation
Year amount appropriation
ercentage o n ection o
Annual contri uted re lacement sel li uidating
Year2020 amount
$ 4,000,000 appropriation appropriation
$ 1,100,000
2020 $ 4,000,000 $ 1,100,000
2021 4,000,000 1,100,000
2021 4,000,000 1,100,000
2020 $ 4,000,000 $ 1,100,000
2021 4,000,000 1,100,000
F. Receipts under custody (recorded as “other current liabilities”)

Receipts under custody
Receipts under custody
TCG December$31, 2019
125,726 December$31, 2018
332,247
TCG $ 125,726 $ 332,247
Associates
Receipts under custody 9,224 4,027
TCG $ $125,726
134,950 $ $332,247
336,274
$ 134,950 $ 336,274
Associates 9,224
The receipts under custody is the reimbursement for purchases of equipment described in Note 7(2)C 4,027
and for purchase of All Pass tickets.
$ 134,950 $ 336,274
209

$ 125,726 $ 332,247
9,224 4,027
2O19
$ 134,950 $ 336,274
$ 39,722 $ 54,350
19,403 33,019
$ 59,125 $ 87,369
$ 62,503 $ 97,999
210
TCG $ 125,726 $ 332,247
$ 134,950 $ Appendix
336,274
G. Temporary credit (recorded as “other non-current liabilities”)
Temporary credit
TCG (Note a) $ 39,722 $ 54,350
Associates (Note b) 19,403 33,019
$ 59,125 $ 87,369
Note a: Please refer to Note 7(2)C (b) for description.

Note b: Please refer to Note 7(2)A (c) for description.
H. Deferred revenue (recorded as “other non-current liabilities”)
Deferred revenue
TCG $ 62,503 $ 97,999
Deferred revenue from TCG grant for ‘Service program for introducing multi-card electronic ticketing at all gates’ and MOC
grant for ‘Integrated transfer service program for multi-card electronic tickets on the Taipei Metro’. The grant revenue from
government (recorded as “operating revenues - other operating revenues”) amounted to $35,496 and $35,553 in 2019 and
2018, respectively.
8. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS
(1) As of December 31, 2019, the Company had unused letters of credit in the amount of EUR 4,155 thousand for
purchasing materials and equipment.
(2) For the details of operating lease transactions, please refer to Note 7(2)E.
9. SIGNIFICANT EVENT AFTER BALANCE SHEET DATE
None.
211
2O19
$ 10,926,171 $ 538,721 $ 11,464,892 1、2、3、4、5
8,485,323 ( 312,000) 8,173,323 4
$ 19,411,494 $ 226,721 $ 19,638,215
1、2、3、5、
$ 3,968,969 $ 224,874 $ 4,193,843 6、7、9、10
3,371,650 ( 1,936,418) 1,435,232 8
7,340,619 ( 1,711,544) 5,629,075
12,070,875 1,938,265 14,009,140 8、10
$ 19,411,494 $ 226,721 $ 19,638,215
212
Appendix
10. PRESENTATION OF FINANCIAL STATEMENTS
Audit adjustment and restatement of financial statements
A.On August 7, 2019, Audit Department in Taipei have examined the 2018 financial statements. The
adjustments were made to the financial statements according to the results of the audit and are listed as
follows:
Balance sheets
Assets
Current assets $ 10,926,171 $ 538,721 $ 11,464,892 a,b,c,d,e
Non-current assets 8,485,323 ( 312,000) 8,173,323 d
Total assets $ 19,411,494 $ 226,721 $ 19,638,215
Liabilities
Current liabilities $ 3,968,969 $ 224,874 $ 4,193,843 a,b,c,e,f,g,i,j
Non-current liabilities 3,371,650 ( 1,936,418) 1,435,232 h
Total liabilities 7,340,619 ( 1,711,544) 5,629,075
Owner s e uity 12,070,875 1,938,265 14,009,140 h,j
Total liabilities and
owner's e uity $ 19,411,494 $ 226,721 $ 19,638,215
213
2O19
$ 19,439,500 ($ 72,897) $ 19,366,603 1
( 17,282,429) 75,086 ( 17,207,343) 7、9
2,157,071 2,189 2,159,260
( 2,141,463) 109 ( 2,141,354) 1
15,608 2,298 17,906
733,232 10 733,242 6
748,840 2,308 751,148
( 104,945) ( 461) ( 105,406) 10
$ 643,895 $ 1,847 $ 645,742
( 181,118) 181,118 - 8
( 5,319) - ( 5,319)
25 - 25
36,224 ( 36,224) - 8
($ 150,188) $ 144,894 ($ 5,294)
214
Appendix
Statement of comprehensive
income
Operating revenue $ 19,439,500 ($ 72,897) $ 19,366,603 a
Operating costs ( 17,282,429) 75,086 ( 17,207,343) g,i
Gross pro t 2,157,071 2,189 2,159,260
Operating expenses ( 2,141,463) 109 ( 2,141,354) a
Pro t from operations 15,608 2,298 17,906
Non-operating income and
expenses 733,232 10 733,242 f
Pro t efore tax 748,840 2,308 751,148
Tax expense ( 104,945) ( 461) ( 105,406) j
Current pro t $ 643,895 $ 1,847 $ 645,742
Gains (losses) on
remeasurements of
de ned ene t plan ( 181,118) 181,118 - h
Unrealised gains (losses)
on valuation of available-
for-sale nancial assets ( 5,319) - ( 5,319)
Share of pro t of
associates accounted for
using e uity method 25 - 25
Income tax relating to the
components of other
comprehensive income 36,224 ( 36,224) - h
Other comprehensive
income ($ 150,188) $ 144,894 ($ 5,294)
215
2O19
216
Appendix
B.Details of adjustment amount:
(a) Based on the resolution made by the Mayor's Office during the meeting on April 25, 2019, TCG approved the limit on
the subsidies for tickets for all pass of $940,000, and the amount over the limit would be a cost of the common carrier.
Operating revenue and accounts receivable-related parties were decreased by $72,897, and the appropriation for welfare
was decreased by decreasing general and administrative expenses and other payables amounting to $109.
(b) The Company was engaged to handle “MRT-to-Bus” concession for the Department of Transportation, TCG. The
payments on behalf of the Department of Transportation, TCG were adjusted by Audit department in Taipei and were
presented at the gross amount. Therefore, other receivables-related parties and other payables was increased by $34,012.
(c) Utilities expense in November 2018 was both recognised in assets and liabilities and was presented in the net amount
in the financial statements for the year ended December 31, 2018, which had been adjusted by Audit department in Taipei.
The amount shall be presented in the gross amount, therefore, prepayments and other payables was increased by $160,306.
(d) As part of the adjustments made by Audit department in Taipei, time deposit with maturity date over one year amounting
to $312,000 was reclassified from non-current assets to cash.
(e) The Company was commissioned by the Department of Rapid Transit Systems, TCG to purchase electric multiple unit
for replacement. The related payments for the purchase of electric multiple unit were recognised in the net amount in
the financial statements for the year ended December 31, 2018, which had been adjusted by Audit department in Taipei.
Therefore, prepayments and other payables-related parties was increased by $105,300.
(f) The Company obtained the 2018 Taipei Energy Conservation Leadership Awards. The related taxes levied on the bonus
was $10, therefore, other operating revenues was increased and current income tax liabilities was decreased by $10.
(g) Based on the audit of the Taipei Children’s Amusement Park made by the Department of Education, TCG and
understated expenses incurred on supplies, machines and equipment maintenance and repairs of underground shopping
malls, the adjusted earnings of TCG decreased. Therefore, other operating costs and other payables-related parties were
reduced by $23.
(h) The Company adopted the Enterprise Accounting Standards (EAS) in 2016 while the Operations and Enterprise Funds
of TCG are scheduled to adopt EAS in 2019. Accordingly, there is an accounting difference in the accounting treatment for
the Company’s defined benefit plan from 2016 to 2018. As part of the audit adjustments made by the Audit Department in
Taipei, other non-current liabilities was decreased and distributable retained earnings was increased by $1,936,418, while
other comprehensive income and related tax effect in 2018 amounted to $118,118 and $36,224, respectively, and were
subtracted in the statement of comprehensive income.
(i) As part of the adjustments made by Audit department in Taipei, rental expenses (shown as transportation costs and
other payables-related parties) was decreased by $75,063 as a result of abovementioned adjustments in profit or loss.
(j) For the above nine adjustments, profit before tax increased by $2,308. Therefore, income tax and current income tax
liabilities was also increased by $461.
217
Taipei feels warmer when we are together
218
定價：520元 Price: NT$520

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2019

台北捷運公司年報 TAIPEI RAPID TRANSIT CORPORATION 2019 ANNUAL REPORT

The Taipei Metro, developed in response to people’s daily needs, has

MES S AGES FROM T OP MANAGEMENT 006

VIS ION, MIS S ION, AND C ORE VAL UES 016

D AT A AND FIGURES 022

ORGANIZAT ION AND S T RUC T URE 026

P ASSEN G E R E XP E RI E N C E 058 MIL ES T ONES 130

B USI N ES S D I V E RS I F I C A T I O N 068 KEY S T AT IS T IC AL D AT A 134

NEW L I F E I N T A I P E I 098 APPEND IX 142

Transforming Taipei with the Taipei Metro

The Taipei Metro has already become a hallmark of Taipei City.

Therefore, our mission for the next decade or two will be an

Last is to utilize emerging technology to establish our own brand,

The Taipei Metro has long been a leading transportation industry

Wen-Chung Lee, Chairman

Striving to Think Beyond the Box

The second highlight of 2019 was the completion of the Linear

More importantly, its redesign incorporated the diverse, local

However, we also strived to be more than just a means of

Chih-Chang Sheng, President

Vision, Mission, and Core Values

Openness and sharing:

Data and Figures

131.1 2017 131.1

7.9 2017 7.5

216.3 2017 204.4

97.6 2017 96.6

210.8 2017 196.5

10.38 2017 18.06

Capital and Ownership Structure

Shareholder Total Investment NTD Percentage %

Taipei City Government 7,374,571,430 73.75%

Ministry of Transportation and Communications 1,714,285,710 17.14%

New Taipei City Government 875,000,000 8.75%

Tang Eng Iron Works Co., Ltd. 35,714,280

Mega International Commercial Bank Co., Ltd. 142,860

Taiwan Cooperative Bank Co., Ltd.

Taipei Fubon Commercial Bank Co., Ltd.

Total 10,000,000,000 100%

Taipei City Government New Taipei City Government

Mega International Commercial Bank Co., Ltd.

Taiwan Cooperative Bank Co., Ltd.

Taipei Fubon Commercial Bank Co., Ltd.

Organization and Structure

Supervisors Station Operations Division

Train Operations Division

Rolling Stock Division

System Engineering Division

Station Engineering Division

Information Technology Division

Human Resources Division

Chairman Chief Secretary Purchasing and Warehousing Division

Industrial Safety Division

Contracted Business Division

Legal Aﬀairs and Government Ethics Division

Circular Line Operations Division